TransUnion, one of the UK’s leading credit reference agencies, has teamed up with Premier League football club Leeds United to take its education programme – Credit Scores Explained – into schools.
Focusing on being financially fit in preparation for adult life, the #KnowYourScore initiative will launch in Leeds, ahead of a national rollout next year.
Kelli Fielding, managing director of consumer interactive at TransUnion in the UK said: “Our Credit Scores Explained course will be delivered in secondary schools, in partnership with the Leeds United Foundation. Our aim is to give teens the best start to their financial life, helping them learn more about managing money and understanding from an early age the role that their credit report and score can play.
“This information can help prepare them for their adult lives, whatever path they choose, and is particularly timely, as COVID-19 exacerbates financial stresses. Nearly a third (31%) of teens say their parents talking about money worries is making them think more about finance, according to our recent survey.”
Paul Bell, executive director at Leeds United added: “We’re really pleased to be working with TransUnion on this, so that together we can support the community and help teach young people important life skills. Our charity foundation has a strong rapport with numerous local schools, and the interest we’ve had to date has been fantastic, so we’re looking forward to getting started.”
The course, which is for young people aged between 13 and 18, will cover specific aspects of managing money and the role credit information plays in day-to-day life, with lessons aligning to financial education frameworks.
It follows a successful pilot programme last year with three local secondary schools, including Corpus Christi in Leeds. Mr Stones, lead teacher of business and enterprise there said: “The students found the session to be enlightening, engaging and informative. As a college we appreciate the support and insight that private organisations such as TransUnion can provide to help us equip our students for their futures.”
The latest research from TransUnion confirms the need to combat a lack of wider financial awareness amongst teenagers. One in seven young people (14%) lack confidence in basic money skills, only a third feel confident they can stick to a budget (36%) and just a tenth (9%) are comfortable keeping up repayments on money loaned. Whilst the majority look to their parents for money advice, lessons at school and banks are the next most important sources of this information.