MyBnk's 'Money Twist'
Description of the programme
Money Twist aims to provide young people with real life money skills through a series of hands-on workshops. Split into Key Stage 3 (11-14 year olds) and Key Stage 4 / 5 (15–18 year olds) versions, the interactive sessions build upon young people’s knowledge around basic finance and help them engage with money. The programme is 5 hours in length split into three 100 minute sessions. Sessions can be run concurrently or on rotation, to meet organisations' needs.
The programme is predominantly delivered in secondary schools and sixth-form centres, as well as a number of other youth organisations, and meets the financial capability parts of the Citizenship, Maths and PSHE curriculum.
The programme covers:
- Money Twist KS3
- My Money: History and functions of money, security features of notes, currency and exchange rates.
- My Choices: Budgeting, youth employment, minimum wage, needs and wants, shopping deals, risk and saving.
- My Future: Interest, current and savings accounts, ethical banking, flow of money, consumer choice and future of money.
- Money Twist KS4/5
- My Money: Tax, payslips, national insurance, government spending, minimum wage, auto enrolment pensions and careers.
- My Choices: Needs and wants, lifestyle choices, budgeting, household costs, insurance, pensions, investments, risk and saving.
- My Future: Interest, banking terms, current and savings accounts, flow of money, consumer choice, forms of payment, borrowing, credit and debt.
During the course of the study period (August 2010 - August 2011) Money Twist was delivered to 2,862 young people in multiple institutions in Lambeth, London. The programme is ongoing.
MyBnk use feedback from participants and from its Youth Advisory Panel to keep the programme relevant and up to date.Back to top
- One independent impact evaluation of the programme, conducted by Oxford University Consulting, Isis Innovation Limited in 2010/2011, has been published. This study involved pre- and post-programme measurement and a comparison group of young people with similar characteristics to those participating in the Money Twist programme in a school in a neighbouring borough.
- Follow-up qualitative research was conducted with a small number of participants eight months after completing the programme to assess knowledge retention.
- The programme has benefitted from continuous internal analysis and evaluation.
The evaluation (which involved pre and post-measurement amongst a group of students and a comparison group) compared scores on three scales - knowledge, skills (i.e. Ability) and attitudes (i.e. Mindset). It found that positive outcomes were achieved in relation to:
- Financial capability (Mindset): Their attitudes, values and self-belief in relation to money.
- Financial capability (Ability): The largest increase was seen in student’s knowledge about money and the financial system, compared to the comparison group; an increase was also observed in their skills.
Qualitative follow-up research conducted eight months after the programme with a small number of participants suggests that key knowledge had been retained by at least some of the participating young people at that point. This qualitative research with young people and teachers helped to provide feedback on the value of the programme as well as exploring the reasons why the impact was achieved.Back to top
Points to consider
- MyBnk had positive and established relationships with the schools and other establishments in Lambeth in which Money Twist was delivered. This was identified in the study as important for facilitating the effective take up and delivery of the programme.
- The programme was funded by J.P.Morgan and was free from the perspective of the schools and other institutions. This enabled a wider variety of organisations to take up Money Twist than would have otherwise been possible had they been required to find funding for it themselves.
- The study noted that having a high ratio of trainers to participants enabled more effective delivery, and that teachers felt the young age of the trainers delivering the Money Twist programme helped the young participants to relate to them and engage with the session. MyBnk also have quality and training standards to make sure that those delivering the programme do so to a high standard.
- However, the sample for the follow-up interviews was small and therefore cannot be used to make generalised claims about longer-term knowledge retention by the participants.
- MyBnk have achieved a Project Oracle validation standard 3 for their efforts to demonstrate the impact of their work.