A new partnership between Manx charity Junior Achievement and HSBC will see more than 3,000 students benefit from learning how to handle their finances after the bank agreed to support the financial literacy programme ‘It’s All About Money’ for the next three years.

The charity’s CEO Sue Cook said that according to research carried out by ING for pfeg (Personal Finance Education Group), just 5% of UK adults believe that young people are currently leaving school with the financial skills and knowledge they need to manage their finances.

Despite the arrival of new technology, such as online and mobile banking, 60% of UK adults believe that managing money is more difficult now than it was 10 years ago, with only 12% finding that it had become easier. The shift towards an increasingly cashless society with more financial products and services than ever before is making it harder for young people to navigate their personal finances.

Against this background Junior Achievement says that financial education for young people is not just an extra-curricular benefit, it is an entitlement for each and every young person in order to be able to make the most of their opportunities: in education, in careers and as future citizens.

The charity believes that the classroom setting is the most efficient way to reach the widest number of young people, with the help of JA volunteers from business working alongside teachers in the classroom.

Sue said: ‘We are delighted that HSBC has chosen to support It’s All About Money; this means we can offer it free of charge to Year 10 students in every high school in the Isle of Man.

‘The programme’s high quality content delivered by our wonderful team of trained volunteers covers a wide range of topics including how to manage your bank account, saving and planning for the future, responsible lending, the pitfalls of payday loans, avoiding scams and protecting your identity.’

She went on to say: ‘It’s All About Money should appeal to every student regardless of their academic ability. We hope they will leave education as financially capable adults.’

Kevin Cartledge, senior manager, HSBC Isle of Man said: ‘HSBC is delighted to support Junior Achievement’s It’s All About Money project through our community investment programme. Our commitment to education is about investing in the future of young people. Through Junior Achievement we can help young people build their confidence and understand the importance of money management, giving them life skills and opening up future career choices.’

Junior Achievement is a member of Junior Achievement Europe which works with 31,380 schools, with the help of 116,687 teachers and 164,363 business volunteers to empower 3,454,750 million students across 39 countries.

To find out about becoming a volunteer contact Sue Cook, 666266 or visit www.jaiom.im. 

photo - Picture shows, left to right: Stephen Forrest, HSBC business implementation manager and JA volunteer; Stephanie Stock, Junior Achievement programme manager; Kevin Cartledge, senior manager, HSBC Isle of Man; Sue Cook, Junior Achievement CEO; Sharon Slade, HSBC head of corporate sustainability and citizen science leader; and Joy Spence, Junior Achievement senior programme manager