Today, Tandem Bank announce that they are partnering with Brightside, a social mobility charity that creates mentoring connections to help young people from disadvantaged backgrounds, to create a dedicated programme, Money Hacks.
The first of its kind for both Brightside and Tandem, this programme aims to teach young people about the ins-and-outs of money, spanning everything from budgeting and saving, to sensible borrowing and retail finance, making money, the gig economy and cryptocurrencies.
The search for a local school to run the programme is now on - Tandem hope to help local students in London, near the bank’s headquarters in Russell Square. Tandem employees will take an active role in mentoring these students, sharing their own expertise with the help of a unique range of learning materials and Brightside’s leading online platform. At the end of the programme Tandem will be offering students the opportunity to intern, or explore an apprenticeship, to kickstart their career and help them apply their newly found money knowledge in a fast growing digital bank.
Tandem are a bank built on taking the stress out of money and have structured their business so that they don’t benefit from customers mistakes. The bank is taking the money accrued through customers’ credit card late fees to fund the Money Hacks programme, ensuring that these fees go towards helping future generations make informed decisions with their money.
Dan Atkinson, Chief People Officer at Tandem, says, “At Tandem we’re always looking for ways to help people get to grips with their money and now we’re getting hands on ourselves. This isn’t about textbooks or exams, it’s about the Tandem team directly sharing their experiences and insights with the young people who need it most.”
Studies suggest that people develop their attitude to money as young as six years old, but in many cases the current curriculum isn’t able to equip young people for the realities of their lives with money. Financial literacy is bundled in with maths and citizenship, while the curriculum isn’t even compulsory for academies, faith schools and private schools. This can leave young people struggling to make the best decisions when they are first faced with money management, potentially spiralling into bad habits.
With Money Hacks, Tandem and Brightside want to equip students with the knowhow and confidence to go out into the world and make, spend and grow their money. As they move on from secondary education to university, an apprenticeship or work, young people start making decisions that can have a significant impact on the future - it can be confusing, stressful and scary and they need more support.
Anand Shukla, Chief Executive at Brightside, says, “At Brightside we are always looking for new ways to equip young people with the skills they need to develop and thrive. Knowing know how to look after your money is a key life skill and I can’t wait to develop this programme with Tandem and see the impact it has on students.”