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11th September, 2024
Students at a Doncaster school were recently delivered workshops by financial education charity WizeUp, to showcase the importance and benefits of saving and investing.
The charity, which aims to improve and revamp the financial support for students across England, partnered with Skipton Business Finance to conduct two Saving & Investing workshops for Year 10 students at Hall Cross Academy.
Led by the charity’s Associate Mel Sneath, the objective was to help students understand the importance of saving and recognise that investing is a long-term process rather than a quick profit strategy.
The first workshop covered several saving methods, including ISAs, regular savers, premium bonds, and round-up applications. The sessions also helped students to understand and express their risk appetite based on advice provided in the workshop.
Mel Sneath returned to work with Year 12 students in three separate sessions, this time combining financial education with employability skills. Mel began with a game called "How Would You Like to Pay?"; which explored different purchasing scenarios, such as buying a car or house, and the various routes to finance them, including savings, mortgages, and credit cards.
The goal was to help Hall Cross Academy students understand the alternative financing methods and the factors to consider when using credit or loans.
The sessions concluded with a focus on first impressions, helping students prepare for interviews, whether for work or further education.
WizeUp were able to deliver the classes thanks to funding from Skipton Business Finance, the charity’s first partner to provide the charity with UK-wide support. The contribution will allow WizeUp to conduct an extra series of financial literacy courses at a minimum of two schools each year.
Michael Flack, Chief Executive Officer at WizeUp says:
“At WizeUp, we aim to provide accessible and inclusive financial education, helping to level the playing field and ensure that all young people can achieve financial success.
Students at Hall Cross Academy responded extremely positively to our classes, especially when tasked with bringing the skills they had learnt in the workshops to life with a task. I am delighted that our work with the school’s students is likely to have a significant impact on the financial decisions they make later in life.”
He adds: “In the UK, 2 in 5 adults do not feel confident in managing their money, and as a financial education charity we feel a responsibility to improve this.”
Commenting Matthew Shepherd, Chief Commercial Officer at Skipton Business Finance says:
“As a business finance provider, we see first-hand the importance of financial literacy for business owners. Strong financial management is essential for business success, and WizeUp's programmes can help young people make sound financial decisions and achieve their goals. We are delighted to support the programme and help to raise awareness of the need for financial literacy in young adults.”
As a result of the WizeUp financial education literacy workshop, 92% of students have reported an increase in their financial confidence, and over half of students in the UK report they feel less anxious about their financial future if they attend university.
Visit the WizeUp Financial Education website to learn more about their programmes and how you can get involved.
ENDS
To find out more about this story, please contact Sophie Brown at sbrown@skiptonbf.co.uk.