07 September 2012

Money for Life Challenge: competition launch

Calling all 16-24 year olds with ideas on managing money: get involved in Lloyds TSB’s Money for Life Challenge, a UK-wide competition to encourage young people to improve their money management skills.

The Challenge awards grants to groups of young people to run a money management activity in their community, with the best projects going head to head to win a coveted place at the Wales and UK Grand Finals.  Here in Wales, there are 70 grants up for grabs, under the coordination of ColegauCymru / CollegesWales in partnership with the National Training Federation for Wales.

It was a team from Wales that was crowned winner of last year’s UK Grand Final, so we certainly have a great stock of expertise here in Wales.  The Money for Life Challenge UK winning team 2011/12, ‘Don’t Buy Posh, Save Your Dosh’ from ACT Training in Bridgend, transformed their common room into a ‘Value Cafe’ where people could learn how to save cash by swapping from branded to value products.

The project has had a lasting legacy for the team as well as their community.  Shannon Mears, 16, said: “Having started the Money for Life Challenge with no confidence, I have found it a life changing experience and now everyone says how confident and bubbly I am. I’m amazed to find that I have learnt so many new skills and my mum is pleased that I have shown her how to save on our weekly shopping bill!”

A Money for Life roadshow is setting off on 24 September to spread the word across the country.  Money for Life coordinators in Wales, ColegauCymru / CollegesWales and NTfW, are making Bangor Management Centre the first port of call on 24 September, followed by Deeside College on 25 September, ColegauCymru’s office in Cardiff on 27 September, and the National Botanic Gardens in Carmarthenshire on 28 September.

Project Manager for Wales, ColegauCymru’s Julia Owens, said: “We’ve seen a great enthusiasm from young people and their learning mentors in coming up with all kinds of Money for Life Challenge projects, from the ‘simple but effective’ to the technologically savvy. Applications for grants must be in by 23 November and we’re really keen to meet anyone interested in finding out more so that all of the teams can get a head start on developing their projects.

“In addition to the Challenge, we’re also offering free financial capability training to those working with young people. This can include further education and work-based learning support staff, volunteers and staff in community groups. It’s a great opportunity to get the skills needed to be able to help young people build their confidence.”

Sarah Porretta, Head of the Money for Life Programme at Lloyds Banking Group, says: “The Money for Life Challenge is all about embedding money skills in communities across the UK, especially by equipping young people with the financial know-how they need to fulfil their potential. All of the teams who entered last year have played a huge role in helping us reach this goal with their originality, creativity and enthusiasm and I look forward to seeing more inspiring entries this year.”

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Notes to Editors

1. The Money for Life Challenge is part of a unique partnership between Lloyds Banking Group and further education sector partners in the four nations of the UK (ColegauCymru and NTfW in Wales). The competition aims to find the most successful and innovative ways to improve the money management skills of learners, their friends, families and communities. Project team members are between 16 and 24 years old and in further education, work based learning or adult community learning.
2. Details on the Money for Life Challenge and how to apply are found on: www.moneyforlifechallenge.org.uk

Media contact (Wales): Sylvia Davies T: 029 2052 2500 E: sylvia.davies@colegaucymru.ac.uk
Media contact UK:  Money for Life team at Blue Rubicon on 020 7260 2700 or moneyforlife@bluerubicon.com

For more information about the challenge or the information sessions, please contact Julia.Owens@ColegauCymru.ac.uk or Clara.Weekley@NTfW.org