Focus on: Money for life masterclasses success    

Focus on: Money for life masterclasses success    

Sadie White No Comment

Young people across Sheffield including students from Sheffield University and apprentices from the Advanced Manufacturing Research Facility will benefit from our money masterclasses that equip young people with the skills to become more cash confident and in charge of their financial destiny.

It’s understood that 60 per cent of young people aren’t taught money management skills within education and 42 percent of young people can’t interpret the difference between being in credit and overdrawn on a bank statement. This well received project aimed at young people between 16 and 25 comes in response to these worrying statistics that point towards the need for financial education and support for our young people to enable them to live successful lives in control of their finances.

Using fun and interactive activities and delivered by our involvement team, the Money Masterclasses consist of four one to two hour modules and cover the following topics:

  • You and Your Money: Young people are introduced to financial basics from reading a bank statement to understanding how tax works.
  • Surviving ‘til Pay Day: All about budgeting and making money go that little bit further. Young people are taught how to create a budget that outlines ways to save.
  • Independence Day: How to survive away from home, from paying bills to furnishing property and getting the best value for money.
  • Your Money Talks: Understanding credit scores, what they are and what we can do to improve them. We ask young people to think about the importance of every day spending decisions and the implications these have for the future.

Commenting on the project Sarah Stevens, Young Peoples Participation Development Manager at Sheffield Futures says, ‘With ever more complicated financial products on the market and the sometimes dire implications for people when they don’t understand them, financial literacy is becoming increasingly important. It really is essential that we are responsible and provide our young people with the information and tools to become financially literate and able to navigate their way through the financial aspects of life.’

‘We’re really pleased to have been chosen to deliver the masterclasses for young people across Sheffield to help fill the knowledge gap and enable young people to become financially responsible and self-sufficient citizens.’ Sarah continues.

Money for Life is funded by Lloyds Banking Group and Sheffield Futures is the delivery partner for Sheffield.

How you can help

Our charity is dedicated to helping Sheffield's young people to reach their full potential and achieve the best out of life, whatever their starting point. To help us to do more to support young people and communities we need your help. Just remember, every penny you donate will make a difference.