Operating as a NFP since 2011, WizeUp Financial Education is now a Financial Education charity that was granted charity status in June 2020. Following a report published by Katherine Gemmell of The Financial Times, along with other findings we aim to revamp the support given to individual students, parents and teachers by making financial and employability learning more accessible and to encourage a more active learning of the subject.
We have identified three areas of influence for every student:
In short, we are:
- Enabling teachers to run lessons during scheduled PHSE lessons by making available structured lessons, recorded sessions, games and quizzes.
- Working more with parents, making specific online sessions for them so that they feel comfortable and supported when discussing financial topics with their children.
- Starting to make lots of content available via social media in the form of a YouTube channel so that young people can get bitesize chunks of information on any finance topic easily and in a way that they feel most comfortable with.
Apart from the report above from The FT, we found that:
- Two in five 18-24 year olds are already in debt owing nearly £3k on average – and that’s on top of student loans. (thisismoney.co.uk)
- The financial pressures on students are well known, with rising university fees leaving many with tens of thousands of debt by the time they have finished their studies. (thisismoney.co.uk)
- 37 per cent of 18-24 year olds are already in debt, and owe as much as £2,989 on average only 27 per cent said they knew what their credit rating is or how it affects them, and 37 per cent of those in debt have no plan to repay the money. (thisismoney.co.uk)
- 42 per cent say they have found managing money harder than expected. (thisismoney.co.uk)
- COVID-19 will inevitably put more strain on jobs and financial nous will be even more necessary.
Through our work, WizeUp are determined to help people with their financial literacy and employability.