Money Ready (formerly MyBnk) is proud to officially be live across all four nations of the UK. Last week saw the launch of the Money Ready Wales hub where staff, partners, educators, and leaders from the charity, education, and finances sectors were invited to join the celebrations in Cardiff.
It was wonderful to have a great turn out for the event at Cardiff and Vale College to mark the occasion. The event celebrated highlights from the past 12 months since the Money Ready Cymru team began delivering financial education sessions. In just 12 months, the small but mighty Welsh team has delivered over 200 hours of financial education, reaching 1,100+ young people.
As well as looking back over all that’s been achieved in the first year of delivery in Wales, Money Ready also hosted a panel with a focus on staying safe online to coincide with Global Money Week.
Think Before You Follow: Decoding Financial Advice in the Digital Age
The panel, moderated by Money Ready’s Wales Manager Liam O’Sullivan, featured insights from Leon Ward, CEO of Money Ready, Sarah Kocianski, CEO of FinTech Wales and Zoë Shields, Supported Internship Tutor Assessor at Bridgend College.
The conversation focused on the challenges and considerations presented by a digital world brimming with finfluencers (finance influencers), apps, and algorithms all driving us towards financial decision-making.
Sarah raised the point that people “no longer trust financial institutions, so they’re looking for alternatives, and they’re looking for something that gives them answers fast. It’s a deliberate turning away from the services their parents and grandparents used. They want different and they want fast.”
Zoë noted the shift to a mobile-first mindset, explaining that for the young people she teaches, spreadsheets are no longer “suitable or necessary. Maybe an app would be better.”
All three noted that apps can be valuable tools, if used with the awareness that users should take the time to ‘triple-check’ all guidance.
The panel shared their experiences of increasingly sophisticated online scams, and the fact there’s often a sense of shame associated with falling for one, despite Citizen’s Advice revealing that in 2024 one in five people across the UK fell victim to these increasingly convincing scams.
“We aim to spark the point of enquiry with Money Ready sessions, equipping people with the information and confidence to ask questions about money,” Leon said. “When it comes to scams, we need to be investigative. Don’t let an unexpected message panic you into action you could regret.”
Tying into this Money Ready’s wider Global Money Week campaign, lots of guests offered their own tips for spotting red flags with financial content and how to make informed money choices while online.
Key Takeaways from the Panel
- AI and other online tools can be beneficial, if used wisely, but we need to stay aware of their limitations and risks. Young people in particular are incredibly resourceful, using technology to learn about and manage their finances in ways previous generations couldn’t. Trainers, teachers, and adults with young people in their lives need to be conscious of young people’s appetites for understanding money, and support them in using the available tools, safely.
- At Money Ready, we constantly update, innovate, and refine our programmes to keep them relevant, impactful, and empowering. Right now, for example, we’re testing new modules on gambling, gaming, and social media – three major influences on young people’s financial behaviours today.
- However, addressing these gaps isn’t just the responsibility of financial educators. There’s an urgent need for stronger regulation around financial advice on social media. The Financial Conduct Authority has taken promising steps by interviewing ‘finfluencers’ under caution and issuing warnings against misleading financial promotions. But with more young people getting financial advice from TikTok and Instagram than from traditional sources, further action is needed.
Closing Thoughts
Money Ready would like to extend a huge thank you to Cardiff & Vale College for hosting the event, Sarah and Zoë for joining the panel, and to everyone who attended the inspiring occasion.
If you’d like to collaborate with our Wales team or invite us to deliver an expert financial education session to children, young people, and adults at your organisation, please contact Liam O’Sullivan at: [email protected].
Find out more about the expert work Money Ready trainers are doing across the UK.
Thank you to Fintech Wales for providing photos from the event.
Photo gallery
