Financial Inclusion & Education
Management of money is the key to a strong economy and Lloyds Banking Group recognise supporting young people with their financial education allows them to form a positive relationship with money. We can help ensure that they have the knowledge and confidence to make the right decisions as they move towards financial independence.
Ensuring our communities and customers are saving for their futures is not just about providing them with products. It's about helping to create healthy financial habits at an early age, proactively influencing their approach to managing money, and helping them avoid financial difficulty in the future.
As part of our commitment to supporting communities, Lloyds Banking Group has developed a suite of materials designed to provide an interactive learning experience, predominantly delivered through colleague volunteering. These engaging learning packs will help those aged between 5-16 years old with their financial knowledge and support a lasting positive relationship with money.
The content is designed around the Financial Education Planning Framework which sets out the key areas of financial knowledge, skills and attitudes relevant to children and young people across four key themes:
- How to manage money
- Becoming a critical consumer
- Managing risks and emotions associated with money
- Understanding the important role money plans in our lives.
All the new material will include links to money in a digital age, having a healthy relationship with money and new and emerging issues such as online fraud and money ‘muling’.
Whilst designed around this framework, the material supports the UK Strategy for Financial Wellbeing recently published by the Money & Pension Service by addressing their five financial wellbeing outcomes that will positively affect societal change. As well as these learning materials for colleagues to volunteer to the benefit of our communities, individuals can independently access a wide range of supportive content via any of our consumer websites.
Lloyds Banking Group continues to support UK Youth and the Money for Life program by ensuring their website continues to provide excellent money advice. You can access the site here.
Supporting Credit Unions
We awarded a further ￡1m in grants to an additional 17 credit unions in 2019 through the Lloyds Banking Group Development Fund.