City Giving Day 2017 – Lord Mayor’s Appeal

Innovate Finance’s Commitment to Financial Inclusion and Diversity in FinTech

The goal of Innovate Finance is to promote greater financial inclusion by supporting the initiatives and innovations that are helping to create products and services that are valuable, accessible and relevant to more customers.

 

Through collaboration and volunteering efforts we support  a range of programmes through our different community partnerships to reach more underserved consumers and to help them make the best financial services choices. A big part of this can only be achieved through better financial literacy.

 

As such, and as part of our contribution to City Giving Day, we have decided to go to communities and schools to support youths in their career journeys and to encourage them to pursue careers in FinTech – and to inspire them to play a part in shaping a more diverse workforce that reaches more consumers.

 

We also want to encourage financial literacy through our partnership with MyBnk, an award winning UK charity that teaches young people how to manage their money and set up enterprises. This is achieved through workshops aimed at 11-25 years olds at schools and youth organisations.

 

On June 1st and June 2nd we joined the MyBnk team in Bexley for a two day workshop for Money Works, a four-part programme for young adults moving into independent living to confront their money worries.

Money Works

Money Works is delivered to groups such as those not in employment education or training, supported housing residents, young people leaving care, young parents and those on employability programmes.

 

  • Budgeting and Habits: Attitudes towards money, needs & wants, cutting back, budgeting, sources of income
  • Being Independent: Wage slips, tax & NI, benefits, universal credit, steps after move in, reading bills, household costs
  • Banking: How banks work, savings and current accounts, interest, forms of payment, choosing an account
  • Borrowing and Beyond Today: Forms of borrowing, credit history, debt consequences & prioritisation, looking forward, setting goals

The group we supported in June were young adults living on their own, or about to, and in need of survival money management skills  they can implement immediately.

The two day Money Works programme provided just that, giving young people the basic and important skills they need to make it in this world – form knowing how to spot a good bargain deal at a grocery store,  how the tax system works and how much money your employer should be legally allowed to take from you- and how to read your pay slip.

The Money Works workshop combined activities and discussions, lots of examples, personal experiences and story sharing that were honest and moving.

School Outreach

Our outreach for the year began on behalf of City Giving Day took began on March 8th at Alyward Academy, where Innovate Finance participated in an career open day with year 10 students. This initiative was organised by Inspiring the Future, a charity that connects schools and colleges with volunteers from the world of work.

The purpose of the day was to speak to students on an individual basis from the perspective of an employer in terms of expectations, standards, what you look for in an employee, how to get the most out of your work experience placement and be successful etc.

Students had the opportunity to ask questions about a career in finance and fintech – and the kinds of skills they need to enter the profession. The event was a success and attracted many influential volunteers, including Jane Shepherdson, co-owner and former chief executive of the high street store Whistles (Georgia couldn’t help taking a selfie with this famous woman in fashion).

We expect to do more of this type of outreach over the summer time as part of our commitment to supporting City Giving Day!