Control of our own money gives us control of our own lives. This report highlights the need to empower young people by improving their financial literacy and providing access to appropriate services and products.
As the range of financial services and products available not only grows but becomes increasingly complex, it is important that young people are not left behind.
There is a need for products which are simple, affordable and accessible.
“Achieving financial independence is the start of a journey. When young people are equipped to equitably engage in sustainable income-generating opportunities, they thrive.”
Young people leaving care are particularly vulnerable as they transition to independence. This group is expected to be financially independent much earlier than most young people with stable familial support. They are vulnerable to becoming reliant on informal work, to rising living costs, as well as to exploitative products and disreputable service providers.
Young care leavers with disabilities face additional barriers to inclusion and young women still suffer greatly from disproportionate access to financial services.
Through our partnership with Standard Chartered Bank Futuremakers initiative we aim to support young people from these groups to improve their financial literacy.
SOS Children’s Villages’ digital platform YouthLinks will connect Standard Chartered employees with young people to provide virtual training and mentoring. Mentors will support young people to acquire the skills they need to transition to the workplace and independent life.
Achieving financial independence is the start of a journey. When young people are equipped to equitably engage in sustainable income-generating opportunities, they thrive.