MGTS recently engaged The National Youth Agency to deliver financial training to our first year engineering apprentices, to improve their knowledge about financial matters and to help them make good decisions about finances in the future.
The My Money Now Programme funded by the Money Advice Service, is targeted to help young people gain a better understanding of financial matters, and has so far been delivered to 591 young adults by the National Youth Agency. The need for Money Advice is great as young adults today are experiencing a very different set of personal, economic and financial circumstances from those of previous generations due to changes in the housing market, consumer trends, the advent and reach of online marketplaces, more stringent pensions and employment patterns, and numerous savings and investment vehicles. These have all combined to make the decisions individuals face more complex. Yet despite this, there is an increasing need for individuals to take more responsibility for their own financial future.
The training delivered at MGTS covered financial areas such as:
- How to understand your pay slip
- How to read a bank statement
- Understanding taxes
- Credit and Debit cards
Apprentices were also encouraged to keep a spending diary to see exactly where their money was going and what improvements they could make. They also discovered that there are a lot of websites and apps that can help them with financial budgeting and knowledge on how to manage their money a lot better.
The project found that the use of youth worker peer educators increases engagement in young adults as participants feel more confident and aware of their financial capability, and also felt they learned more, after being led by a peer. MGTS apprentices certainly found the training engaging as can be seen in the below video.