An investment of £200,000 is funding vital financial education for young adults in Essex who face significant risk of debt. Research highlights that while 18-34-year-olds make up just 27% of the population, they account for a staggering 55% of those seeking debt advice.*
The hands-on training is targeted specifically at Essex care leavers – those leaving foster care or care homes – and people not in education, employment or training (NEETs). Over two years, participants will not only receive expert money management skills but also the chance to apply for grants up to £100 to fund educational materials or vocational tools.
Saffron Building Society is funding the initiative to deliver financial education charity MyBnk’s essential money management training across Essex for the first time – the county is falling behind the rest of the UK with just 29% of care leavers in Essex living independently compared with 35% nationally**.
Saffron’s CEO, Colin Field, said: “Developing good financial understanding is a life skill, and one that’s even more important for those from challenging backgrounds. No young adult should be struggling because they haven’t been given the basic training in how to manage their money and that’s where we want to help – doing our bit to put young people most in need in charge of their much-needed cash.”
For more information on the money skills initiative, and how young people can benefit, go to https://www.saffronbs.co.uk/mybnkpartnership
Statistics:
• 29% of care leavers in Essex are living independently compared with 35% nationally Source: Department for Education**
• 39% of care leavers in Essex were not in education, employment, or training in 2022 (NEETs). Source: ONS
• 87% of care leavers say they can’t manage money, open bank accounts or deal with bills Source: MyBnk
• Young adults who’ve attended MyBnk workshops previously have reported 60% reduction in debts Source: MyBnk
• Figures showed 8 million people needed debt advice in 2023; the 18-34s surveyed were over-represented at 55% despite the age group making up only 27% of the population. Source: Money and Pensions Service*
• The number of 18 to 20-year-old care leavers in England facing homelessness has risen by 54% from 2,790 in 2018-19, to 4,300 in 2023-24. Source: Department of Housing, Communities and Local Government (DCLG)
