Stars of music, entertainment, sport, and dance speak out for young people at launch of UK Youth‘s Money for Life
A host of famous faces have spoken out in support of young people’s charity, UK Youth’s new Money for Life programme. Ashley Banjo (Diversity), Trevor Nelson (BBC Radio 1 & 2), Dina Asher-Smith (Rio 2016 medalist), and JJ Hamblett (Union J), all appear in a new video campaign released to mark the launch of the pioneering initiative, which helps young people take control of their personal finances.
Research published by Money Advice Service last month identified that while over two-thirds of young adults (69%) say they have financial goals, most of them don’t have a plan to reach them. They don’t know how to budget, they don’t know how to find the best credit cards for building credit, they don’t know how to factor in tax, they don’t know a lot of financial basics. This lack of financial planning could mean that many young adults may fall short of achieving their aspirations. The silver lining of this research is that a lot of young adults will be reading this and thinking ‘at least I’m not the only one’. Hopefully, if that is you, this research will encourage you to seek some help with money management. Nothing drastic, you could just click here for some advice on how to manage your money better for example.
Money for Life, which is delivered in partnership with The Mix and is funded by Lloyds Banking Group, aims to inspire a generation to make the most of their money. The three-year program comprises of a new online resource hub, where young people can find expert money advice, online training, supportive forums, and a crisis helpline. The program also offers face-to-face peer education training to provide practical Money Masterclasses to young people. Finally, a new savings app will launch next month that offers various tools to support financial education.
From empowering young people to feel confident and start talking openly about money to providing high-quality training and crucial support systems; Money for Life equips 16-25-year-olds across the UK with the knowledge, life skills, and provision needed to manage their money. These young people in the UK are lucky to have programs like this to help them better understand the importance of finances. However, people all around the world need help with their money management. Money is an essential part of life, without it, people would struggle to survive. In America, a lot of people are encouraged to visit their local wealth management firms to ensure they are financially prepared for the future. It’s so important that people all over the world receive advice to help them manage their money. Hopefully, more programs like this one will reach the American public so they can continue to manage their finances wisely.
The launch campaign features video interviews with all the participating celebrities, sharing their personal stories about money, including their worst money mistakes.
Diversity’s Ashley Banjo said: “I would have loved for there to have been a rule book or a guide to say to me ‘this is the way to look after your money’, so when I started to achieve success in my career I was ready for it. Money for Life is a great way to make the most of your money, whether you’re starting out or you’re already on your own career path.”
Meanwhile, JJ Hamblett of pop band Union J said: “It’s so hard for young people right now, with nearly one million people under 25 out of work and education, and the average student debt has increased drastically in recent years. And for many of our amazing fans owning a house seems like an impossible dream. Money for Life can make a real difference to young people to take control of their personal finances today, and build for a brighter tomorrow.”
UK Youth’s CEO, Anna Smee said: “Young people face a difficult transition towards independent living as they start to manage money day to day and make critical financial decisions about their future. Their financial capability during this transition can have a big impact on their resilience and wellbeing in their adult lives.
“This exciting three year programme between UK Youth, The Mix and Lloyds Banking Group will enable us to engage thousands of young people across the UK and empower them with good money management skills while supporting them across their social development journey to help them positively transition into adulthood.”
To find out more check out http://www.moneyforlife.org.uk and @MoneyForLifeUK today, and take control of your own financial life.