On Tuesday 28th June, 150 school children, business leaders, university academics and community leaders assembled at the Livery Hall in the City of London to launch a groundbreaking peer-to-peer financial literacy scheme to help young people manage their money and prepare for university. The launch coincided with the long awaited publication of the government’s Higher Education White Paper.
Mission Money Mentors 2011 will see 3000 14-17 year olds visit top London universities to be trained in key skills around budgeting, credit, debt and money choices. Uniquely, the training will be delivered by undergraduate students, and will finish with each young person graduating as a “Money Mentor” who will pass on these skills to hard-to-reach groups in their community.
The scheme, devised by London Citizens, boasts the support of the City of London Corporation, JP Morgan, moneysavingexpert.com, Credit Action, King’s College London and Queen Mary, University of London. On same day that the government publishes its Higher Education White Paper and with the decision to raise the cap on tuition fees leading to uncertainty around the new student finance system, Mission: Money Mentors will also demystify the changes in student finance through workshops on managing student loans and identifying financial support available from the government and universities.
The launch event also saw the graduation of 50 community leaders from the Money Mentors Academy – a dynamic community-led response to the increasing financial hardship caused by the recession. The leaders trained with London Citizens over 8 months in 2010/11 to teach members of their communities to take control of their money. Awards were presented by high profile guests from the worlds of business, academia and the third sector.
“Money Mentors marks the first time that civil society has come together to take responsibility for the financial education of our young people. By bringing together over 200 faith, education and community groups, London Citizens is uniquely placed to ensure that this vital knowledge reaches those who need it.”
Neil Jameson, Executive Director of London Citizens
“The City of London exists to support the Square Mile, the heart of the international financial services centre of the UK. We have also worked with our neighbouring communities of London – and with City businesses – on wide ranging regeneration programmes for over 15 years. Money Mentors, developed by London Citizens, fits naturally with the City’s corporate responsibility commitment to our neighbouring boroughs and wider London. We know that lack of financial literacy is a major factor in communities with high poverty levels and we are impressed with the London Citizens’ model of peer to peer mentoring.”
Mark Boleat, Deputy Chairman of the City of London Policy and Resources Committee
“With the introduction of the new tuition fees arrangements from September 2012 it is essential that young people received clear and accurate information about changes to student finances, and are able to make informed choices about going to university. Queen Mary is working hard to support this, and to support students in developing good financial literacy skills. We are delighted to work in partnership with London Citizens and others to deliver the Money Mentors programme”
Professor Susan Dilly, Vice Principal for Teaching and Learning at Queen Mary, University of London
“Credit Action is passionate about initiatives that equip young people with the skills to manage their money well, so we are thrilled to be part of Mission: Money Mentors. We hope that the 3,000 students hearing the message of good money management, go on to share this in their communities, spreading the message far and wide. Well done London Citizens for devising such an innovative and much needed scheme!”
Joanna Parsley Associate Director, Credit Action
With previous government’s commitment to introduce compulsory financial education shelved, despite average levels of unsecured debt among under 21s reaching almost £9,000 (ClearDebt, May 2010), the importance of Mission: Money Mentors and its peer-led approach cannot be overstated.
