Young People take control of their finances
On Monday 22nd May, volunteers from Royal London, Abigail Montrose and Melanie Tynan, volunteered their time and expertise to provide Financial Capability training to young people from Newham Based community organisation, Skills for Growth.
Skills for Growth was established to respond directly to the growing number of young people leaving school without the necessary skills to enter the world of work. Skills for Growth support young people through education and training programmes, exposing 16-24 year olds to professional networks and helping to deepen their understanding of what skills are required to thrive in today’s demanding economy.
Volunteers, Abigail and Melanie, who work for insurance experts Royal London, offered their time to give back to the local community and address some of the pressing financial issues that young people are facing.
The day started with a fun icebreaker activity, enabling volunteers and participants to get to know each other better through uncovering “two truths and a lie”. The session then moved into discussing budgeting and savings and how young people can prioritise their financial needs vs their financial wants. The session progressed with information and activities on understanding pay slips, pensions and tax codes. Skills for Growth’s young people asked some really mature questions, showing a desire to take control of their finances as they move into adulthood.
Abigail Montrose from Royal London said:
“It was a really fun session which I hope everyone found useful. It was a good reminder of how challenging it can be to go into the workplace for the first and all the sort of stuff you’re expected to know.”
Melanie Tynan from Royal London said:
“I thoroughly enjoyed the whole experience. It was great to see the young people get involved and start to think about how they might manage their money when they start work. And it was really good to be able to share our knowledge and experience.”
Sam Cherubin from Skills for Growth said:
“The workshop made our learners aware of how to read and understand the information on their future payslips. The workshop made them aware what percentage tax they would pay, based upon the tax code and more importantly what they will be contributing. There was a great discussion around National insurance, its purpose and why it is important. By meeting experts in the insurance sector made them aware what issues they face when they start to work.”
Do you have business skills that you could contribute to the community? Looking to make a positive impact with young people? For more information on ELBA’s volunteering opportunities, contact Joey Carey on email@example.com.