MyBnk, a Uk-based education charity, has unveiled an online banking service targeting under 16 year-olds as part of a new financial education scheme running in selected London schools, reported thelondondailynews.
MyBnk said that the online banking service allows schools and organisations to log on to their own branches, view their savings and make withdrawals, enabling them to keep track of their money and set savings targets.
Reportedly, ‘MyBnk-in-a-Box’ financial education programme that was launched three years ago has reached 20,000 young people and is operational in 50 schools and youth clubs. The latest scheme aims to work with 200 more schools over the next couple of years.
Arthur Barzey, head of business at one of the schools, Woodside High in Wood Green said: “The MyBnk financial education programme provides students with the opportunity to learn many different skills including leadership skills. The success of the scheme speaks for itself: the kids are turning out in droves.”
Melanie Robinson, chief of operations, at MyBnk, said: “At a time of record debt levels, it’s important now more than ever that children get to grips with money. Many kids didn’t know what loans or interest were, now we have them setting up and running their own enterprises with their very own bank,” reported the web site.
