NOCN Level 1 Award in Financial Literacy
In today’s ever-evolving financial landscape, equipping young people with essential money management skills is crucial for their future success. The UK Government has set an ambitious goal to provide a meaningful financial education to two million more young individuals by 2030. However, recent research indicates that much work still needs to be done in this area. MyBnk’s findings reveal that only 2 out of 5 young people are financially literate, with a significant number having not received any financial education during their schooling.
Providing young people with a solid financial education from an early age lays the foundation for a responsible and informed approach to managing money throughout their lives. Understanding concepts such as budgeting, saving, investing, and avoiding financial pitfalls prepares them for adulthood and empowers them to make sound financial decisions in both personal and professional contexts.
In response to the pressing need for improved financial literacy, NOCN Group, a patron of the Multicultural Apprenticeship Alliance, has joined forces with The Money Charity to develop a comprehensive solution – the Level 1 Award in Financial Literacy. This qualification is designed for individuals aged 14 and above, helping them attain practical skills, understanding, and knowledge of the fundamental principles of financial literacy.
MyBnk’s findings reveal that only 2 out of 5 young people are financially literate, with a significant number having not received any financial education during their schooling.
The Level 1 Award in Financial Literacy empowers young learners to take control of their financial future, boosting their confidence and competence in handling money matters. By obtaining this qualification, they gain valuable skills that will serve them well in various life situations, whether they pursue further education, enter the job market, or start their ventures.
Promoting financial literacy among young people is essential to creating a financially responsible and empowered society. The UK Government’s goal of reaching two million more young individuals with meaningful financial education by 2030 is commendable. Partnerships like the one between NOCN Group and The Money Charity are instrumental in bridging the financial literacy gap and ensuring that young minds are well-equipped to navigate the complexities of personal finance. Together, we can pave the way for a generation of financially savvy individuals who can build a secure and prosperous future for themselves and the broader community.