Manx students set to benefit from financial literacy programme

Monday 29 April 2019

More than 3000 students in the Isle of Man are set to benefit from a financial literacy programme after Manx educational charity Junior Achievement entered a new three-year partnership with the Scheinberg family.

‘It’s All About Money’ is a half-day programme delivered in schools by Junior Achievement volunteers from the financial services industry using professionally developed workbooks.

The workshop aims to engage young people in personal finance matters and teach them the importance of money management. Subjects include managing a bank account, protection against identity theft, how not to fall victim to a scam, the pitfalls of payday loans and the importance of budgeting and saving.

In 2018 the charity surveyed more than 800 young people aged between 14 and 16. 73 per cent said they had previously borrowed money from someone and 65 per cent worried about not having enough money to live on when they were older.

Research shows that the earlier you start borrowing money the more likely you are to get into debt later in life.

Developed in 2012 the programme has helped more than 5,000 students recognise the importance of understanding how to manage their money from an early age.

Junior Achievement CEO Sue Cook said: ‘To become independent, young people must understand the importance of budgeting and making wise financial decisions so as not to get into unmanageable debt. This can be as simple as choosing the right mobile phone contract through to planning a house purchase.

‘Equally challenging for young people is that financial products and services on offer today are becoming more and more complicated to understand.

‘It’s All About Money is just one of the many programmes we deliver across the Island’s primary and secondary schools. Many parents will be unaware that we raise the funds to provide this valuable service at no cost to the schools. We’re therefore extremely grateful to the Scheinberg family for their generous donation and their commitment to fund this project for the next three years.’

To find out more about how you can become a classroom volunteer or to support the work of Junior Achievement visit www.jaiom.im or call 666266.