Young people with bright ideas needed for Money for Life Challenge

Posted on by karen.smith

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Young people across Wales with bright ideas on how to manage money are being encouraged to get involved in this year’s Lloyds TSB’s Money for Life Challenge.

The Challenge, a UK-wide competition to help 16-24 year olds to improve their money management skills, awards grants to groups of young people to run a money management activity in their community.

The best projects go head to head to win a coveted place at the Wales and UK Grand Finals. Here in Wales, there are 70 grants up for grabs, under the co-ordination of ColegauCymru / CollegesWales in partnership with the National Training Federation for Wales.

Last year’s winners of the Money for Life Challenge UK were ‘Don’t Buy Posh, Save Your Dosh’ from ACT Training in Bridgend, who transformed their common room into a ‘Value Cafe’ where people could learn how to save cash by swapping from branded to value products.

The project has had a lasting legacy for the team as well as their community. Shannon Mears, 16, said: “Having started the Money for Life Challenge with no confidence, I have found it a life changing experience and now everyone says how confident and bubbly I am.

“I’m amazed to find that I have learnt so many new skills and my mum is pleased that I have shown her how to save on our weekly shopping bill!”

A Money for Life roadshow is setting off on September 24 to spread the word across the country. Money for Life co-ordinators in Wales, ColegauCymru / CollegesWales and NTfW, are making Bangor Management Centre the first port of call on September 24, followed by Deeside College on September 25, ColegauCymru’s office in Cardiff on September 27 and the National Botanic Gardens in Carmarthenshire on September 28.

Project Manager for Wales, ColegauCymru’s Julia Owens, said: “We’ve seen a great enthusiasm from young people and their learning mentors in coming up with all kinds of Money for Life Challenge projects, from the ‘simple but effective’ to the technologically savvy.

“Applications for grants must be in by November 23 and we’re really keen to meet anyone interested in finding out more so that all of the teams can get a head start on developing their projects.

“In addition to the Challenge, we’re also offering free financial capability training to those working with young people. This can include further education and work-based learning support staff, volunteers and staff in community groups. It’s a great opportunity to get the skills needed to be able to help young people build their confidence.”

Sarah Porretta, Head of the Money for Life Programme at Lloyds Banking Group, says: “The Money for Life Challenge is all about embedding money skills in communities across the UK, especially by equipping young people with the financial know-how they need to fulfil their potential.

“All of the teams who entered last year have played a huge role in helping us reach this goal with their originality, creativity and enthusiasm and I look forward to seeing more inspiring entries this year.”

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