We’re thrilled to support Young Enterprise’s Young Money Challenge for the second year running.
The Young Money Challenge is a fun and educational competition that helps children of all ages to learn the importance of financial wellbeing.
Young people can learn the value of money by investing from a young age, being frugal and delaying gratification — but that is easier said than done in an age of mass consumption and one-click mobile shopping.
Good financial wellbeing is about more than just being careful with your money and investing smartly though. It can give you greater confidence in dealing with daily life; the sense that you have control and can overcome challenges. This can help you get the best deal on a phone contract, find the lowest interest rate for a loan, or set a budget and stick to it. It’s also key to better physical and mental health because it can minimise stress-related illnesses.
Young people are fortunate if they have an adult in their lives to help them to understand this valuable lesson — perhaps a teacher who goes out of their way to talk to them about good financial habits, or parents who set a strict budget and expect them to stick to it.
But teaching children good money habits from an early age isn't part of the school curriculum, which means many teenagers leave school without a solid grasp of financial management. And so, there is immense value in non-school initiatives that help young people learn how to achieve financial wellbeing.
That’s why Capita has partnered with Young Enterprise, a national charity which motivates young people to succeed in the changing world of work by equipping them with the skills, knowledge and confidence they need.
Its Young Money Challenge, is an annual programme for four- to 19-year-olds that encourages them to consider the connection between money management and wider issues affecting local and global communities. They could take part in challenges to win prizes and download home learning guides and teaching materials for their age group.
This year, participants explored how healthy choices can impact their bodies, minds and finances. Some of the topics that young people explored in their submissions were:
- The effect of phones and social media on young peoples’ wellbeing as they are drawn into a world of constant advertisements
- The benefits and drawbacks of advertisements
- Inventions that aim to help people better save money
- Financial and health and wellbeing challenges which may be encountered when children start secondary school
- Games that are fun and help to promote health and wellbeing.
Over 500 young people took part in this year’s challenge and judges from Capita and Young Enterprise, along with special guest judges from financial services companies, now have the difficult task of choosing the winners. “Beautiful and powerful” and “would really do the trick of getting people thinking about saving money” are some of their reactions. Winners will be announced very soon!
The judges have also relished the experience of judging. Alex Bannister, Director of Innovation, Ventures & Partnering, at Nationwide said: “This has been a truly inspirational [experience].” Jason Clark, CFO at Data Communications Company said: “Thank you for the opportunity to participate as a client judge, it’s a privilege to see all the effort put in by the children, very inspiring!” And Stuart Haire, Head of Wealth & Personal Banking, HSBC UK “Best [hour] of my week; a real privilege.”
We’re proud to support this impactful initiative that is helping more young people to improve their financial wellbeing. To find out more about the Young Money Challenge, visit www.young-enterprise.org.uk/youngmoneychallenge