Ulster Bank launches MoneySense for Schools

6th Mar 2008

Ulster Bank has unveiled a new interactive online education programme, MoneySense for Schools, aimed at providing young people with essential money management skills. The programme is the first of its kind in Ireland and is available online at www.ulsterbank.co.uk/moneysense

Pupils of Belfast Model School for Girls showed details of the programme to Chair of the Education Committee, Sammy Wilson MLA. The initiative, known as MoneySense for Schools, is available free of charge to all schools in both Northern Ireland and the Republic of Ireland.

Welcoming the MoneySense programme for schools Sammy Wilson MLA, Chair of the Education Committee said, "Equipping young people with practical skills to manage their money is equipping them with a necessary skill for life. The MoneySense interactive programme is a useful resource for schools which can help develop a student's financial capability."

MoneySense for Schools has been developed in consultation with teachers and is designed as a colourful and highly interactive site appealing to the needs and interests of 11-18 year olds. The content is extremely practical and helps students develop essential life skills such as running a bank account, budgeting and managing money - skills that are critical in preparing young people for the financial challenges they will face when living independently away from home. With strong links to the curriculum, the programme includes interactive quizzes, video clips and printable activity sheets as well as teacher's notes and tips on classroom discussions on money matters.

Research carried out by Ulster Bank's parent company, Royal Bank of Scotland, in 2007, indicates a crucial need for financial education among young people, with 36% of adults admitting they would have benefited from lessons on day-to-day budgeting. A report published by The Financial Services Authority in 2007, into levels of financial capability in Northern Ireland, also highlights that people living here have a lower than average score in areas such as managing money, planning ahead and choosing products to meet their needs.

Mike Bamber, Chief Executive Retail Markets, Ulster Bank Group says the investment in MoneySense for Schools is part of the Bank's strong commitment to improving financial capability among young people. He believes that the programme will help today's generation to develop healthy attitudes to saving and money management, and will give them practical, useful information that will be valuable all their lives.

'Many people consider banks like Ulster Bank have a responsibility to inform and educate young people about banking and money management. People now recognise that these are essential life skills, and can help to increase people's confidence in dealing with their bank and in choosing and using financial products"says Mr Bamber.

Speaking on behalf of the CCEA, who have reviewed the MoneySense for schools programme, Paul Gray stated: "We must meet the challenge of producing resources which are relevant and interesting, capturing the young person's imagination. The MoneySense resource manages to achieve this, and engages students right from the start."