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Money for Life: the Grand Final
Published: 31 May 2013
Two groups of young people are celebrating this week after being named the winners of the Lloyds TSB Money for Life Challenge. Bouncing Babies from Lisburn won the grand prize, and Savvy Savers from Coventry won the People’s Prize. They won after beating off the national competition with their original and inspiring projects to improve money management skills among their friends, family, peers and wider community.
The Money for Life Challenge is a national competition that provides £500 grants to empower teams of 16-24 year olds to develop innovative money management projects that impact their communities. The most inspiring and impactful projects progress to the National Finals and the UK Grand Final, with great prizes on offer.
Bouncing Babies, made up of four 19 to 21 year olds from Lisburn in Northern Ireland, impressed the judging panel with its innovative approach to money management, by setting up a money management support group for young mothers. They created information leaflets to advise on everything from student finance, managing finances and childcare costs, to living well for less, healthy recipes on a budget, job opportunities and benefits.
Savvy Savers, three 18 and 19 year olds from Coventry, won the People’s Prize after impressing an audience of 150 influential guests by showcasing their project and its innovative approach to money management.The team realised that a lot of college attendees were not in control of their own finances and did not save money in any form, so as well as the credit collection point they set up money management workshops for those with more complex learning disabilities and their carers. The workshops helped students and carers understand the benefits of saving money and the team created a range of resources designed to make saving money a lot easier.
The teams won £4000 to be given to the charities of their choice, as well as Bonus Bonds for each team member, and the chance to work with a Lloyds Banking Group mentor for a year.
Money for Life is Lloyds Banking Group’s award-winning personal money management programme, targeted at young people and adults in the wider Further Education, work-based learning and community learning sectors. Lloyds has invested £4million in the programme to date and has committed a further £4million over the next two years.