Building society staff help youngsters learn about money

Employees from the Low Street branch, together with colleagues in Bradford and Shipley, have been delivering free financial education lessons.

Last year, nearly 240 youngsters across the district benefited from the sessions, staged through the society's Money Minds programme.

Chris Irwin, director of savings with the society, says: "Helping people with their financial wellbeing is at the heart of our purpose as a building society.

"We know that people who engage in positive financial behaviours such as saving are generally less anxious about money, and have greater life satisfaction overall.

"We also know that delivery of financial education across the UK is inconsistent, and that is why through Money Minds our colleagues volunteer their time to go out to schools and youth organisations to deliver a series of lessons and teach children and young people of all ages and abilities about money.

"Our research shows most young people rely on family to learn about money, meaning those from less financially savvy families may be at a disadvantage. There is an opportunity for us to help future generations have the best start in life, by teaching them important life skills and core financial information at school.

"Delivering financial education consistently in schools, from a younger age and in a way that helps people have the knowledge to deal with real-life issues, will support more people to have a good foundation in life and face the future and its challenges with confidence and optimism."

Research by Yorkshire Building Society found that less than half of 16-to-27-year-olds recalled ever receiving any financial education in secondary school, despite it being on the national curriculum since 2014.

The society has submitted recommendations to a Government curriculum and assessment review, aimed at improving the provision and depth of financial education for all pupils. The Government is set to publish a report early this year.

Face-to-face finance sessions launched in classrooms across the country by the society through its Money Minds programme have proved hugely successful. In the past 10 years, over 70,000 children and young people nationally have benefitted.

There's also an online platform – at ybsmoneyminds.co.uk – which provides free resources covering topics including keeping money safe, budgeting, and fraud and scams.