Would-be uni students in London to receive financial education with five-figure donation from Aberdeen Standard Investments

MyBnk will use the grant to reach nearly a thousand teenagers with their expert-led Uni Dosh programmes in schools over the course of a year.

The workshops target those on the verge of leaving school or college, which demystifies the financial commitments of attending university. It also supports teachers as there is no compulsory financial education for Sixth Forms.

Session examine students’ own financial situation and cover a wide range of topics including student finance, part-time jobs and tax; lifestyle budgeting; student bank accounts and credit cards; and advice from real-life case studies.

Currently, around 64 per cent of young people in the UK considering going to university claim they are unlikely to due to financial issues, including fear of debt and increased spending caused by peer pressure.

Almost a third of young people have never had experience of putting money into a bank account. 39 per cent do not have a current account.

Kruti Shah, business development officer at MyBnk, said: “University may be the first time young people are independent, and usually the first time they would have had large sums of money to handle. MyBnk reaches young people at just the right time, as they think about this next stage of their life and education journey, through our programmes.”

Founded in 2007, MyBnk has reached over 200,000 young people in 1,000 schools and youth organisations including all 33 London boroughs, and those bordering the City of London where Aberdeen Standard Investments is based.

Alongside the financial donation, the charity has also invited members of staff to volunteer with the UniDosh programmes, providing their valuable real-world financial experience and advice where it is needed the most.

Claire Drummond, head of charitable giving for Aberdeen Standard Investments, added: “Handling money can be a very daunting thought if you have never had any experience of it before. MyBnk’s work in schools and colleges across London is so important to allow a new generation of young adults the confidence to manage their money throughout life – and by extension, give them the peace of mind that attending university can be a life-changing experience and not a financial burden.

“Aberdeen Standard Investments Charitable Foundation is pleased to be able to support a programme which gives young people the freedom to make their own decisions, and prepares them for the rest of their lives.”

The Aberdeen Standard Investments Charitable Foundation was established in 2012 to formalise and develop the Group’s charitable giving globally. The Foundation seeks partnerships with smaller charities around the world, where funds can be seen to have a meaningful and measurable impact. It encourages its employees to use their time and skills to support its charitable projects.