abrdn’s partnership with MyBnk began in 2022 with initial funding supporting the delivery of existing money-management workshops to young adults over a three-year period. The workshops include an exploration of household finance. abrdn’s funding is also supporting a bespoke research series focused on financial empowerment. As our partnership grew, the abrdn Charitable Foundation awarded further funding to support the launch of MyBnk’s Money House, a financial education programme aimed at preventing youth homelessness, in Manchester.
During the partnership, abrdn and MyBnk have collaborated on a number of stakeholder engagement events and have also engaged early careers colleagues in MyBnk’s Work Dosh programme, which aims to improve the financial literacy of young people at the start of their career.
Commenting on the partnership, Becky Young, Senior Fundraising Manager at MyBnk, said:
“MyBnk aims to reach over 10,000 young people across the UK by 2026 through our programmes for 16-25 year-olds who are in need of financial education. Our shared commitment to improve the quality and quantity of financial education, and thus financial capability, makes this partnership ideal. With its rich history of focussing on social mobility and policy influence, abrdn is uniquely placed to drive systemic change alongside MyBnk. abrdn's recent Savings Ladder manifesto highlights the need for a ‘greater level of scrutiny over financial education’, which is a testament to its commitment.
Finally, the wealth of policy and public affairs knowledge, networks, and connections, as well as generous colleagues providing time, pro bono support, training, and expertise means that this partnership is much more than just a funding agreement.”
Our partnership with MyBnk aligns with our business purpose of enabling our clients to be better investors – the first step is giving people the tools to understand basic financial matters, empowering them to make informed decisions.
In addition, we know there is currently very little provision for financial education in the UK national curriculum. It is important for businesses within our sector to help bridge that gap through organisations like MyBnk and advocate for change in this space.
Our Savings Ladder Manifesto calls for the UK government to start measuring the financial literacy of the country to better understand where there are gaps and how these can be addressed through the provision of quality financial education.
The partnership also feeds into our social policy and impact strategy, which seeks to examine the journey to financial wellbeing. The strategy focuses on various life stages for clients, colleagues and the community, enabling us, where we can, to make a contribution to breaking down some of the barriers faced by many.
Finally, our giving strategy focuses on tomorrow’s generation: our target demographic is young people aged 16-30. MyBnk’s programmes align with this strategy, being focused on young adults tackling the generational impact of poor or no financial education. MyBnk also seeks to help young people who may be starting their first job or moving out of supported living for the first time, creating financial freedom and helping to tackle youth homelessness.
Kirsty Brownlie, Senior Social Impact and Partnerships Manager at abrdn, highlighted the importance of the partnership with MyBnk:
“Alongside social mobility, financial inclusion is a key part of abrdn’s Social Policy and Impact Strategy: it is important that our industry plays its part in empowering tomorrow’s generation to make informed choices about their financial future. We know that many young people continue to face systemic barriers that impact on their financial wellbeing, such as limited employment opportunities, experience of childhood poverty or displacement, and the generational impact of poor financial education.
We are delighted to be partnering with MyBnk through the abrdn Charitable Foundation to help break down some of these barriers for young people across the UK. Our funding supports the delivery of quality financial education to young adults across the UK and funded the first Money House in Manchester, allowing MyBnk to deliver services on the ground in the north of England. MyBnk’s passion for change is infectious and we can’t wait to continue our work with them over the coming years.”
A partnership that supports vulnerable young adults in the UK
The success of any partnership depends on the commitment of its members. To that end, abrdn:
- Consciously listens to the needs of the charity and is willing to adapt to ensure MyBnk’s goals are met. abrdn trusts MyBnk to deliver services that meet the needs of the young, as outlined in this video.
- Enables vital introductions and collaborates closely with MyBnk to raise the charity’s profile and ensure influential individuals and institutions are aware of its powerful role in helping young adults financial literacy. For example, a panel event held in abrdn’s office allowed MyBnk to successfully engage with a member of the Scottish Parliament, to meet new partners, and feature in the press.
abrdn and MyBnk share a focus on financial inclusion and social impact, and the foundation of our partnership is evidence based. MyBnk is proud to pursue a robust impact measurement approach to financial education, taking into consideration the clear needs of those it is supporting. Consequently, abrdn trusts MyBnk to deliver and make a real difference to the lives of those who attend their programmes.
The partnership in action
- MyBnk host Work Dosh sessions for abrdn early careers colleagues. These sessions introduce financial management for those starting out in their professional career. They give an overview of issues ranging from price comparisons to understanding payslip information, and a guide to pensions. The session was delivered by a MyBnk trainer and a case study can be viewed here.
- abrdn has helped support MyBnk in the launch of a new Money House in Manchester, which will provide support to 16-25 year-olds in vulnerable circumstances, such as those leaving care.
- abrdn hosted an event at its Edinburgh offices attended by key partners, stakeholders and prospective supporters, who gained an insight into how financial education is a social justice issue. The event was well attended, including by a member of the Scottish Parliament. It resulted in MyBnk securing further partnerships, developing and enhancing existing relationships, and further embedding the power of the partnership with abrdn.
- abrdn has supported an inaugural piece of internal research for MyBnk. Driven by the focus on social change, MyBnk investigated the barriers to participation in young adult programmes. The focus was on improving the referral pathways for young people to ensure they attend and complete the programmes. Recommendations have been made and are being implemented by MyBnk. These include focusing on barriers pertaining to gender, ensuring the right referral partners are used, and reassessing key messaging to young people. In the coming years, further research examining how key lessons can be applied more broadly to society will be undertaken. In particular, MyBnk wishes to focus on the barriers preventing women from engaging and successfully managing their finances.
- Step Up Expo – MyBnk and abrdn are jointly taking part in Step Up Expo in June 2024, a teen choices event that will reach over 5000 young people, parents and teachers from across London, inspiring and educating on the key life choices facing teenagers today.