Member Article

Money management competition launches mationwide

A nation-wide money management competition aimed at teaching young adults better money management skills has gotten underway with 340 teams of 16 - 24 year olds from across the UK taking part.

The initiative, named the Money for Life Challenge, is backed by Lloyds Banking Group which offers £500 to teams to carry out a project that aims to promote better money management in their local community. The teams will go head to head over the next three months as they roll out their projects before regional winners are hand selected by a panel of judges. A grand prize winner will be announced at a ceremony in London on 28 May 2015, where teams can win a further £3,000 to donate to charity.

The Money for Life Challenge has the backing of the National Skills Academy for Financial Services. Sylvia Perrins its CEO said: “Money management skills are vital to our everyday lives and we are delighted that so many teams will take part in the Money for Life Challenge this year. Each team has devised a project to help others in their local community and we are excited to see them put their ideas into practice.”

Projects in the 2014/15 edition of the competition range from theatre productions with a financial education theme to beauty on a budget workshops, community radio broadcasts and food bank drives. Teams from as far north as Shetland and as far south as Cornwall will take part.

As part of partially state-owned banking group’s plans to “help Britain prosper” the Money for Life Challenge is being well promoted as part of its Corporate Social Responsibility campaigning and Lloyds has invested £10million in the programme to date.

David Rowsell, Head of the Money for Life Programme at Lloyds said: “Promoting good money management is more important now than ever before, and the Money for Life programme exists to address a pressing need for greater financial awareness across UK communities.”

Despite announcements earlier in recent months pointing to downsizing in their retail banking activity, the Lloyds Group has restated its commitment to community initiatives including social mobility programme Lloyds Scholars, it’s collaboration with the School for Social Entrepreneurs and the Lloyds Bank and Bank of Scotland Foundations, as well as the Money for Life programme.

The website for the Money for Life Challenge can be found at www.MoneyforLifeChallenge.org.uk, and further details on Lloyds Banking Groups responsible business plans are here: http://www.lloydsbankinggroup-cr.com

This was posted in Bdaily's Members' News section by Cara J. Stewart .