This week is Financial Capability Week (13-19 November), a movement where organisations demonstrate their commitment to improving financial capability and wellbeing. The week is organised as part of the Financial Capability Strategy for the UK to get more people talking about money.
There are 8.3 million adults in the UK living with problem debt, and research by The Money Advice Service confirms that work to build financial capability needs to start at a very young age.
One of the ways Virgin Money is tackling the issue is through our Make £5 Grow programme, which has so far given over 60,000 young people the opportunity to develop their financial skills by starting a mini business of their own with a £5 loan. The programme gives pupils an insight into how business works and helps them to build skills for the future, such as teamworking, problem solving, leadership, money management and creativity.
Here’s what some of our young entrepreneurs said about their experience of Make £5 Grow:
I enjoyed this club and I’ve learnt a lot about business, I’ve got better at teamwork and learnt about profit. I don’t know much about business before I started the club but I have learnt SO much.
I’ve really enjoyed the 5 pound grow because I have learnt how it is good to have a business. I have enjoyed working in my group because we have to listen and agree on other children’s ideas.
I loved this club! At first I did not know how to do business but now I do! I learnt a lot of things like how to make a profit, how to put deals on and my team have become friends!
Our Make £5 Grow programme runs all year round, If you think your child’s school might like to get involved, or know a teacher who could be interested, why not ask them to sign up here.