Foundation addresses the importance of financial education through partnership with MyBnk
Jul 03, 2013
J.P. Morgan has partnered with MyBnk, an organization that helps young people improve their financial confidence and gain skills to become the next generation of entrepreneurs, since 2010. The firm has worked with MyBnk to deliver a tailored package of financial education to young people in secondary schools and to those outside the education system in the London Borough of Lambeth. The partnership includes the MyBnk-in-a-Box program, the first ever Financial Services Authority approved independent banking project run by young people for young people, which provides an accessible place to save regularly. On top of this, MyBnk also provides interest free loans to enable young people to set up enterprises.
The firm’s involvement in MyBnk led to the delivery of nearly 300 educational programs across 20 organizations in Lambeth, reaching close to 6,300 young people. In addition, more than 1,130 new MyBnk-in-a-Box accounts were established, enabling more than 100 young people to set up their own business.
This year, J.P. Morgan is focused on helping MyBnk expand its reach and delivery across the U.K., helping the organization to strengthen its organizational structure and capacity to sustain the expansion. This support will enable MyBnk to positively impact the lives of more than 20,000 young people this year.
MyBnk’s support, particularly among underserved communities, will ultimately equip young people with sound financial capability and enterprise skills, giving them the critical resilience required to navigate the complex and uncertain economic climate.