Nearly £500k Funding to Boost Financial and Energy Education for Vulnerable Young People

Thousands of children and young adults in the south west and Wales to benefit from expanded support.

Young people across the south west of England and Wales are set to receive vital financial and energy education following a significant funding boost for UK charity, MyBnk. The charity, which has been delivering expert-led financial education since 2007, is expanding its services after receiving nearly £500,000 in funding from Wales & West Utilities.

The funding, provided through the Vulnerability and Carbon Monoxide Allowance (VCMA), aims to target some of the region’s most vulnerable young people in areas of deprivation. Over the next two years, the investment will support more than 1,400 hours of financial and energy education, reaching over 4,800 individuals aged 7-25.

Bridging the Financial Literacy Gap

Research from the Money and Pensions Service (MaPS) highlights the urgent need for such programmes. Less than half of young people in the UK have received meaningful financial education, with three in four in Wales requiring greater support to improve their money skills. The average household income in Wales and the south west is among the lowest in the UK, with more income spent on necessities.

Liam O’Sullivan, Wales Manager at MyBnk, explained the challenge:
“The average household income in our region is one of the lowest when compared with other areas across the UK, with more of a household’s income going on necessities. On top of that, our financial literacy rate is the lowest nationally, with the average score for under 18s highlighting this even further.”

Energy Education to Tackle the Cost-of-Living Crisis

As part of the expansion, MyBnk is introducing new Fuel Finance Sessions. These energy-focused modules aim to teach young people about topics such as energy efficiency, meter readings, tariff switching, and carbon monoxide safety. They will also include access to free carbon monoxide alarms.

Leon Ward, CEO at MyBnk, emphasised the importance of this dual focus:
“This funding from Wales & West Utilities will help us bolster our financial education sessions and deliver a key takeaway that energy, like money, can be earned, saved, and used efficiently. We want all young people to understand that both are everyday essentials and that financial literacy is not a luxury; it’s a necessity for building a stable future.”

Supporting Families and Communities

The programme will also provide broader benefits, helping young people share what they learn with their families, including those facing fuel poverty. Sophie Shorney, VCMA Manager at Wales & West Utilities, highlighted the fund’s impact:
“We are delighted this funding will allow MyBnk to reach young people across our region. Not only is it important that they make informed choices as they get older, but the information they take away is vital to help their own families who may be living in fuel poverty.”

Expanding MyBnk’s Mission

This collaboration with Wales & West Utilities is part of the company’s commitment to supporting vulnerable households. The organisation delivers energy to 7.5 million people across the region and offers emergency support for gas leaks or carbon monoxide concerns via 0800 111 999.

MyBnk, known for its high-impact programmes on topics such as saving, budgeting, and debt, works with over 40,000 young people annually. For more information about their work, visit MyBnk’s website.