Investing in financial education

Understanding and confidently managing money are crucial life skills. RBS has a long-standing commitment to financial education, one which was expanded in 2008 to help people navigate difficult economic times.

The Group's financial education activities are built around the MoneySense programme which has been running for more than 15 years. It provides free and impartial guidance about money and financial services, and is the largest financial education programme of its kind. MoneySense aims to ensure that an ever-increasing number of people – whether or not they choose to bank with the Group – are able to make informed decisions based on a solid understanding of their money and how financial products and services work.

MoneySense for Schools is accredited by the Personal Finance Education Group, an independent charity that helps schools to plan and teach personal finance education.

The core of MoneySense for Schools is lessons delivered to young people in their classrooms. Since 2004 alone, more than two million MoneySense lessons have been delivered to pupils, with the figure for 2008 exceeding 700,000. Some lessons are delivered by RBS and NatWest employees who visit schools in their local communities and others by teachers. Resources have been developed to support teachers and include:

  • online tutorials;

  • a free telephone helpline which gives teachers the opportunity to speak to MoneySense educational experts; and

  • Teacher Zone, an area from which registered users can download support materials and resources for the modules.

School Money allows young people to practise the skills they have learned. It is a school bank, run by pupils and for pupils and was established in 2006. Last year saw the opening of the 100th inner city school bank, with a total of 332 in operation.

Building financial capability is important for adults as well as young people. That is why the programme was extended to include MoneySense for Adults. It offers advice and guidance in branches, through published guides and leaflets, and over the internet. Each month, more than 10,000 copies of the MoneySense guide are distributed to customers and the MoneySense website receives an average of 60,000 visitors.

Recognising the impact that worsening economic conditions would have on household budgets, RBS expanded MoneySense for Adults in December 2008. Following a successful pilot exercise which had already taken place earlier in the year in NatWest branches in London, the Group significantly increased its investment in the provision of financial advice. An additional 1,000 MoneySense Advisers were introduced to RBS and NatWest branches. This made RBS the first bank to offer free, impartial financial guidance to everyone, including customers of other banks and people without bank accounts. The Group worked with the Consumer Credit Counselling Service – a charity which offers free and confidential advice and support to anyone worried about debt – to train retail customer service officers for this role. These new MoneySense Advisers were nominated for the positions based on their exceptional customer-oriented skills. Their job is to focus on helpful guidance, not selling products.

MoneySense is also being expanded to other countries in which the Group operates. In the United States of America, Citizens Financial Group is involved in a number of financial inclusion and capability initiatives. In Vermont, Citizens runs a Federal Deposit Insurance Corporation Money Smart Series through the branch network. The Money Smart curriculum helps individuals build financial knowledge, develop financial confidence, and use banking services effectively. Citizens Bank Connecticut is a lead partner with Empower New Haven's Financial Literacy programme – New Haven $AVE$. This initiative promotes economic security for low income families in New Haven, offering accounts for first time homebuyers and young people saving for higher education. Financial education and asset specific training are required and participants are matched $2 for every $1 saved up to a total of $2,000. Plans are currently in progress to introduce MoneySense across the US through Citizens, with additional programmes launching in 2009.

Ulster Bank is introducing MoneySense to both RI and NI. MoneySense for Schools modules have been made available online and plans are in development to broaden the schools programme and launch MoneySense services for adults during 2009. Ulster Bank in NI also provides financial support for the provision of independent debt advice by sponsoring the Citizens Advice Debt Advice handbook. This is a reference book for face-to-face debt advisers working in NI.

Return to top