https://www.linkedin.com/school/libf/
https://www.facebook.com/StudyLIBFThe Lessons in Financial Education (LiFE) initiative by the London Institute of Banking & Finance innovatively bridges the gap between academic learning and real-world financial literacy. Its revolutionary approach, leveraging a flexible online platform, reaches a diverse audience of over 17,224 students across 227 centers, making significant strides in demystifying personal finance for young learners aged 13 to 16, as well as adults and individuals with Special Educational Needs and Disabilities (SEND). What sets LiFE apart is its innovative 'learning by doing' methodology, deployed outside the conventional classroom to foster real-world financial competence. This initiative effectively democratizes financial literacy, making it a universally accessible and practically applicable skill. The program's structure emphasizes flexibility, interaction, and relevance, ensuring learners are not merely passive recipients of information but active participants in their financial education journey. By offering this essential education at an accessible price point, LiFE confronts and dismantles the barriers to financial literacy, positioning itself as a trailblazer in the field. The initiative not only equips individuals with the knowledge to navigate financial challenges but also imbues them with the confidence to make informed decisions, thereby laying the groundwork for a financially literate and empowered society. LiFE's impactful achievements and innovative approach underscore its potential as a scalable model for global application, setting a new standard for financial education platforms worldwide.
CATEGORY WINNER
Community Engagement Initiative of the Year Award
Lessons in Financial Education by the London Institute of Banking and Finance
CATEGORY WINNER Community Engagement Initiative of the Year Award
LIBF - United Kingdom
"Preparing the future with Financial Education"
Summary
Key People
Rachel Banfield
Academic Dean
LIBF
Acknowledgements
A special thank you to all who contributed to the LiFE program over the years.
Images
Topics are approached in an easy-to-understand manner.
Real-world financial literacy.
Tutors have access to the students’ progress and results.
The students' experience
Financial education is an essential step towards community cohesion.
IMPACT STORY
Impacting lifes
This story is based on real life feedback from both students and tutors :
Once upon a time in a small town, there was a student named Alex who had always struggled with school. When he got the news that his class was going to have financial education training, he rolled his eyes, expecting boredom.
With already low motivation and absolutely no excitement to take part in it, Alex was asked to sit in front of a school computer. To be able to leave the boring classroom already felt good, but he maintained his skepticism.
However, as the programme progressed, he found the interactive exercises and real-world scenarios surprisingly engaging and easy to grasp.
Alex began sharing his insights at home happy to teach his family what he had learned on finance, budgeting, and savings. This made Alex’s family break the taboo of talking openly about money and made them aware of what financial health is.
When Alex’s tutor had access to the students’ progress, she couldn’t believe the positive results and talked about it with a colleague, recommending that they should also register their students.
The LiFE programme had not only changed Alex's life but also ignited a spark of financial empowerment within his family and ultimately the community.
Let this story be the guiding light for any community engagement endeavor, and may it bring about positive change for many more like Alex.
LEARNINGS
Lessons learned
For stakeholders looking to implement a similar project, these are our key learnings from the LiFE programme that we find particularly relevant:
• 'Learning by Doing' Methodology: The practical approach to financial literacy, which moves beyond traditional classroom settings, creates engaging and effective learning experiences.
• Scalable Model: LiFE supports its success also on being a scalable model, which is adaptable and easy to replicate.
• Community Engagement: The programme's commitment to community engagement and inclusivity can serve as a blueprint to reach a diverse range of participants.
• Online Access: The online platform used by LiFE allows for adaptability and paced learning, is crucial to provide accessible financial education to various community segments. The online delivery also allows a wider geographic reach with no date or time constraints, and no limit on participant numbers.
• Affordability: Offering this programme at such an accessible price point is a key factor to reach low-budget Educational Centers and non-profit organizations. This enabled us to reach underserved demographics, contributing to social justice and community cohesion.
These aspects of the LiFE programme provide a clear framework for community educational projects that are innovative, inclusive, and impactful.
FUTURE PLANS
What's coming?
From 2024, our plan is to move away from taking direct registrations as LIBF. Instead, we have entered into a non-exclusive copyright licence agreement with The London Foundation for Banking & Finance (LFBF).
LFBF is an organisation with over 145 years of history, founded in the City of London by a group of bankers. It is an independent financial education charity incorporated by Royal Charter.
LFBF plans are to leverage the content of LiFE and distribute it more widely under a new brand name, via BrightSpace – a learning management system. By harnessing these technological advancements, we expect LiFE to reach and engage more people.
Additionally, the expansion of LiFE's content will empower more individuals to become financially capable and confident, aligning with LFBF’s strategic objectives to fulfill its charitable mission.
The broader dissemination of LiFE's learning content will boost the contribution to a more financially literate UK, maintaining the commitment to create a positive and lasting social impact, which has always been central to the LiFE programme.
