The Income Protection Taskforce (IPTF) is launching a financial education initiative to teach young adults about managing their money and the financial services industry.
The initiative, called Financial Foundations was soft launched by the IPTF at its mid-year event ahead of a full launch in September, when schools re-open.
It consists of a 10-minute already pre-scripted presentation called Your money, your life, and a workshop session for young adults aged between 16 and 25.
As part of the initiative the body is looking for volunteers from across the sector to offer to present it in schools, colleges and workplaces nearby.
“The idea is to plant the seeds of a healthy relationship with money,” said IPTF managing director Jo Miller.
“It is not financial advice; it is financial education,” she added.
Neither is it a product push. “It is designed to challenge what young people see online about money,” Miller said.
“It is designed to introduce them to the concept of needs and wants and setting financial goals and how to reach them.”
The initiative also highlights the range of career opportunities within financial services.
The presentation element of the initiative has been piloted in several schools during the past month.
“It has been incredibly well received,” Miller said.
She then asked for everyone in the financial services industry to approach a local secondary school, college or workplace with a graduate or apprentice scheme to arrange to give the presentation.
“Everything you need will be available from the IPTF website. The presentation, which is fully scripted, and a volunteer pack are available,” Miller said.
Pilot editions
The IPTF is already working with firms who are backing this and encouraging their staff to get involved.
Advice firm Reassured is one of these firms and it ran a pilot for the initiative.
“It surpassed expectations,” said Lucy Brown, insurer partnership director at Reassured.
“Most of us will know how hard it can be with a group of teenagers to get them interested. They engaged and interacted well, and gave overwhelmingly positive feedback at the end.”
Brown added that the advice firm was so motivated by the movement that it would support its colleagues in using work time to undertake the presentations.
