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Money management goes back to school

Limehurst School students learn about money matters from Deloitte volunteers

Delivering financial education sessions for young people.

Summary

Do you remember being taught about money when you were at school? Would it have helped you as a grown-up?

According to the Money Advice Service, 85% of British young adults wish they had learnt more about money management while at school. 

We achieve more with strong partnerships. A core team in consulting within Deloitte has partnered with HSBC UK to help young people across the country through financial education sessions.

The collaboration aligns to the strategic objectives of both organisations. HSBC UK’s ambition is to help people of all ages build financial health and make the most out of their money; a key strategic priority for Deloitte is a practice focused on identifying financial services opportunities to help those navigating current financial systems.

 

Getting money confident 

 
As a young person, navigating studies, friendships and decisions about the future is tough. Added to that are their concerns about money. 85 per cent of young people aged 17 to 18 say that they worry about it.

 

Financial education modules created by HSBC UK are tailored to address these concerns. Deloitte uses these resources and leverages the skillsets of our people to support learning about money matters. Our volunteers use their employee volunteering time to deliver classroom-style presentations on topics such as the different types of bank accounts you can have, how to budget for university and general financial wellbeing skills at our Five Million Futures partner schools. 

Deloitte volunteers delivering financial education sessions at Fitzalan High School, Cardiff

 

Deloitte volunteers help students at Ravens Wood School, Bromley through financial education sessions

“Financial skills are life skills. It’s fantastic to see how our teams are collaborating to help young people build their financial health as well as help those underserved by current financial systems. We look forward to seeing how this continues to grow.“

Annette Whalley

Senior Financial Education Consultant, HSBC UK

How to budget

Over 150 volunteers across the business have supported this initiative to date, using their employee volunteering time to deliver classroom-style presentations on topics such as the different types of bank accounts you can have, how to budget for university and general financial wellbeing skills at our Five Million Futures partner schools. 

One of our volunteers, Tia, an analyst in Consulting, had studied a maths degree and worked with children previously. When she heard about Deloitte’s range of volunteering opportunities, she looked for an activity that would fit her skillset. Delivering financial education in schools was the perfect match.  

Tia believes that equipping young people with financial resilience is critical, especially since the school curriculum doesn’t always address this need. At her workshop, she delivered a tutorial on ‘Savvy Shopping’ which encouraged students to consider the influence that advertising can have on their purchasing habits. The impact of the lesson was not just felt by the students. Tia was inspired too. She has now joined the core team for this initiative to help support other colleagues to volunteer. 

Scaling-up to deliver a wealth of information 

Within the reporting period June ‘22- May ‘23, this partnership with HSBC UK has already delivered 67 sessions to over 1,400 students across 6 cities. 

 This is just the beginning. The cost-of-living crisis has had a far-reaching impact during 2022, causing 70 per cent of young people say their anxiety around money and finances has increased. The consulting team now has ambitious plans to scale the impact of this initiative and help more young people to develop healthy monetary habits. 

For the current year, our aim is to continue to collaborate with HSBC UK to deliver more workshops, covering more regions across the UK including an expansion into Northern Ireland. 

 

Limehurst School students learn about money matters from Deloitte volunteers

“It was such a great experience to share my knowledge with such a bright and inquisitive set of students. To help them grow and develop financial skills they can use in the future feels fantastic.”

Tolu Onyeacholam

Deloitte Consultant 

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