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MyBnk's Theory of Change

Telling our story
by

Manfred Meyer

on 10 May 2015

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Transcript of MyBnk's Theory of Change

Theory of Change Our mission To build young people's knowledge, skills and confidence to manage their money more effectively and make enterprising choices Why financial education? UK personal debt is at a record £1.5 trillion Personal debt is around £9,000 per person 90% of the UK population have never received any form of money management lessons Someone is declared bankrupt or insolvent in the UK every 4 minutes Nearly half of the 16 to 25 year olds name debt as their biggest fear Over a quarter of the UK population has no savings Britons have less than £1,850 sitting in the bank, just 1.3 times the average salary 1 in 20 teenagers think they don't have to pay back credit card debt at all Why enterprise education? Nearly one million 16-24 year olds are unemployed 1,700 people are made redundant everyday Enterprise helps bring financial knowledge to life The world needs to create 600 million new jobs over the next decade to sustain economic growth and maintain social stability Our vision A financial literate and enterprise driven generation How do we do to get there? EDUCATION PROGRAMMES AWARENESS LOBBYING Policy recommendations Financial education Enterprise education Advisory (consultancy) Social media Press & communications Network contributes to contributes to The outcomes ... we believe that we have two different types of outcomes Young people Learn how to save, borrow, budget and manage money Experience an enterprise environment Learn what it takes to be enterprising Have access to tools and realistic role models Education providers Are able to provide finance and enterprise education to their young people

Understand the value of finance and enterprise education

Improve their own capacity to deliver financial and enterprise education
Policy Makers Have access to evidence and recommendations from MyBnk Media Have access to MyBnk's resources, news, events & opinions Cover MyBnk's stories and create momentum around the need for finance & enterprise education IMMEDIATE OUTCOMES Measurement: output data (for example amount saved in MyBnk-in-a-Box), baseline & endline analysis of young people’s knowledge, skills and values, attitudes & beliefs, control group studies
Measurement: Feedback from educators, number of education providers who bring in MyBnk programmes and the renewal rates
Measurement: Submissions to calls for evidence and participation in policy debate (e.g. APPGs) Measurement: media clippings, social media and website traffic Remember our vision?
A financially literate and enterprise driven generation LONG-TERM OUTCOMES Young people Improved quality of life Able to create and take advantage of opportunities well-being and resilience informed and active citizens able to manage their money included in the system Potential measures:
Satisfaction with financial situation
Level of financial stress
Absence from work/sickness/mental health issues related to debt
Financial situation doesn't impede ability to make choices
Income : savings ratio
# maintaining an emergency fund
# who have savings accounts
# who have pensions
# who have insurance Potential measures:
Understanding of banking literature/products
Understanding economic issues
Interest in economic issues
Understanding ethical business models
Engaged with social causes Potential measures:
Level of unsustainable debt
Debt : income ratio
# who budget regularly
Achievement of financial goals Potential measures:
# who have bank accounts, debit cards, and other relevant financial products
How effectively financial products are used being enterprising
(entrepreneur & intrapreneur) Potential measures:
# of new business ideas
# of jobs created
# of social enterprises created
disruptive innovation
exposure (e.g. conferences, fellowships) employability and skills Potential measures:
The value added of skills and experience gained through the programmes (e.g. customer service, project management) - do these skills help get a job? Or to be more capable in that job?
Able to get the best deal (e.g. not paying to a day lender)
# young people that plan ahead
# young people that keep track on their finances Education providers Policy makers Media + ...offer financial and enterprise education for young people ...are aware of the importance of finance and enterprise education ...push the agenda for financial and enterprise education Marketing we believe our network is one of our main assets! Have access to the voices of young people
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