The Money Money Money movement
Throughout 2012 we have continued to develop, with Magnified Learning, our ‘Money, Money, Money’ programme into a movement providing practical financial education. This has reached over 5,800 young people in 30 schools and involved over 300 of our employees over the last 4 years.
It has also spread to involving employees from other companies, including: Bluefin, Jelf, RBS, Saga, BNY Mellon, SJP Wealth Management, Allianz, Scottish Widows, Nippon Life, Family Investments, NFU Mutual, Hogan Lovells, EDF Energy, Toyota GB, BITC and Fair Finance.
You can (Download PDF:) read the feedback reports for 2012 to see what young people think of our work.
What we have learnt
We have learnt a lot along the way, which has big implications for the way we run our business.
In 2012 our research showed that 71% of young people expected to buy financial advice face to face and that cars, university and holidays were the top areas of spend if 15 year olds were given £10,000.
This also raises important questions about our company’s interpretation of the Retail Distribution Review and also the viability of motor insurance.
Where do we go for advice in the future?
The research reveals that children are turning to parents for financial advice with 83% of 14–16 year olds revealing parents are their first port of call for financial advice.
But parents do not feel competent offering advice on some of the most important financial products:
- 66% of parents do not feel competent at advising their children about investments
- 62% of parents do not feel competent at advising their children about life insurance
- 58% of parents do not feel competent at advising their children about pensions
- 39% of parents do not feel competent at advising their children about bank accounts
With other sources of financial advice being rolled back, a dangerous ‘advice gap’ is forming.
Mark Gregory, Legal & General executive director Savings, who has volunteered for part of the programme said, “We are committed to helping the next generation prepare for their working lives and firmly believe that Magnified Learning’s approach has a real impact. It not only helps young people to look after their finances properly but also gives them the opportunity to develop their own skills and confidence.
“The Money, Money, Money programme is vitally important given the clear evidence of a growing advice gap – young people need to be provided financial education so they can make sensible financial decisions.”