Barclays Money Skills teams up with three leading youth charities to equip young people in the UK with the skills, knowledge and confidence to manage their money more effectively.
The partnerships with Action for Children, the National Skills Academy for Financial Services, and the National Youth Agency will help the initiative to reach its target of supporting one million young adults by 2012.
Beneficiaries include young people in hard-to-reach groups, such as those not in employment, education or training.
They will participate in interactive activities relating to topics such as food, fashion, family and independent living, as well as events at local colleges.
Barclays employees will also volunteer to help provide training on money management issues.
Deanna Oppenheimer, Vice-Chair, Global Retail Banking, CEO Western Europe and CEO UK Retail Banking, said: “It is essential that vulnerable young people are given the best start in life. Having good money management skills, particularly when faced with a constrained budget, is vital to enhancing their life opportunities and preparing them for independent living.
“If we, along with our partners, can reach these vulnerable young people and help them build good money management skills then we make their lives much easier and lay the foundation for a better, sustainable future for the UK.”
The partnerships are being announced today in conjunction with the publication of a Barclays Money Skills report, which reveals that the skills developed between the ages of 16 and 24 are critical in helping young people handle money now and in the future.
Other findings of the report include:
- 77 per cent of young adults rely on their parents or friends for financial advice
- One in three teenagers believe that buying on a credit card is not spending money
- 36 per cent of young people regularly run out of money, despite more than half describing themselves as ‘a saver rather than a spender’.
Barclays Money Skills is part of Barclays community investment programme, which last year invested £55 million and the time and skills of more than 62,000 employees to support disadvantaged communities around the world where Barclays operates.