10 November 2020

Principality launches £25,000 fund for schools to deliver financial education

Principality Building Society has announced a funding pot of £25,000 for secondary schools to deliver financial education qualifications.

The funding will allow for 25 schools across Wales to access £1,000 in funding each so students can gain a qualification in financial capability from The London Institute of Banking and Finance (LIBF).

The qualifications from the LIBF equip young people with the skills to appreciate and manage their finances effectively, covering topics such as personal budgeting, money management decisions and careers in the financial services industry. A selection of the qualifications offered are also GCSE and A Level equivalent and can support students with their progression to higher and further education.

Since 2017, Wales’ largest building society has supported 3,500 young people in Wales with financial education qualifications from the LIBF. Llanishen High School in Cardiff is one of the schools who has benefitted from the qualifications, with 470 students passing the qualifications this year. The Society has forged a strong relationship with the school through the Welsh Government’s Business Class scheme and will also be providing a further £10,000 in funding for students at Llanishen High School to study the LIBF qualifications next year.

Rob Wilson, Assistant Head Teacher at Llanishen High School said:
‘‘As a school, we want to ensure our students are best prepared for the future and the LIBF qualifications do just that, giving them the knowledge and skills to be able to make sound financial decisions when they leave school. Many students have told us how beneficial they have found the qualification. As well as the key life skills learnt, the GCSE equivalent qualifications have also helped students’ progress onto colleges and universities. Principality’s support has been invaluable to the school, helping us to offer the qualification to the majority of students in year 11.’’

Julie-Ann Haines, Chief Executive Officer at Principality Building Society said:
‘’We’re pleased to be announcing the launch of the financial education qualification funding for schools for 2021. We believe it’s so important that young people feel confident in managing their finances in the future and the LIBF qualifications are a fantastic way of engaging students in the subject of financial education. We look forward to supporting more young people in Wales with the qualifications to enable them to gain lifelong skills in money management.’’

Debi Howell, Financial Capability Relationship Manager at The London Institute of Banking and Finance said:
“Principality’s commitment to supporting financial education in schools this year will enable many more students to gain a valuable qualification. I am proud to be able to work with Principality to make a difference to thousands of young people across Wales – helping them to become financially resilient is something they will benefit from throughout their lives.”

For further information on how to apply for the funding, contact dhowell@libf.ac.uk at The London Institute of Banking and Finance or visit https://www.libf.ac.uk/.

Published: 10/11/2020