GLOBAL SUPERSTAR Beyoncé is reputed to have spent $100,000 on a pair of gold leggings by Balenciaga, while advertising executive Gary Dahl became a millionaire in six months selling “pet” rocks. These financial nuggets are used by charity MyBnk to engage with young people in its mission to educate them about money.
Speaking at the Building Societies Association annual conference, Sharan Jaswal, education director, aid: “Our vision is for a financially literate and enterprise-driven generation. Why is that? Because we don’t have one.
“For 48 per cent of young people, debt is their biggest fear.
“They are growing up in a culture that encourages them to spend, spend, spend and buy cheap, throw away and buy again.
“Young people are thrust into the real world and without any financial education are expected to make their money last for the rest of the month.”
To illustrate her point, she said was a straight-A student who went to study at the London School of Economics, but still managed to run up £20,000 worth of debt at the end of her economics degree, excluding student loans.
Ms Jaswal said young people are three times more likely to be unemployed than adults.
The charity runs financial and enterprise education programmes at schools and youth organisations targeting 11 to 25-year-olds.
The charity is based in London but runs regional hubs in the North East, the North West and the South West.
It plans to expand its servic es and work in partnership with financial institutions to expand financial education in the UK.
Ms Jaswal said: “We are encouraging young people to become young consumers.”
She said building societies and credit unions tend to be trusted more by young people because they owned by their members. They are more wary of banks because they blame them for causing the financial crisis.
“We are looking to expand in the North,” added Guy Rigden, co-chief executive of MyBnk, which has worked with more than 120,000 young people since founding in 2007.