OUR WORK

Financial Education and Inclusion

Empowering the next generation

As stated, the Passion Project is designed to educate and empower the next generation. As such, we look to develop the individual’s social and emotional learning and, in the process, increase their levels of emotional intelligence and resilience. We refer to this as building their inner world.

Following that, we also want to educate young people about the outer world –The one that states the rules they must abide by and the way in which it is they must behave in order to progress. For this we look to educate young people about money, politics, and positive social action.

BE.

Financial Inclusion

According to the Financial Inclusion Commission – the phrase financial inclusion means ‘belonging to a modern mainstream financial system that is fit-for- purpose for everyone, regardless of income levels’.

Access to this is essential for anyone wanting to participate fairly and fully in everyday life. Without having access to appropriate mainstream financial services, it is proven that people will end up paying more for goods and services and have far less choice. The implications of being excluded are not just felt financially, they can affect a wide range of areas in a person’s life such as their education, employment, health, housing, and overall well-being.

The idea that everyone should have (and believe they have) equal access to financial products and services in order to progress in life is a basic requirement for people of all ages regardless of circumstances.

As such, bringing back financial education into the curriculum is a key part of our focus and our current lobbying activity.

Financial Education

In the past, cash was used for almost all daily purchases. However, in today’s society it is rarely used, especially not by young people. The way we buy things as a society has also changed, with online shopping the norm for many people often accompanied by “buy now pay later deals”, thus creating ample opportunities to use and overextend credit – an all-too-easy way to accumulate debt, and fast.

At the same time credit card companies, banks, and other financial organisations are inundating consumers with opportunities to borrow money including the ability to apply for credit cards or pay off one card with another – and without the proper knowledge or checks and balances, it is made so easy.

With many adult consumers having had very little education to help them understand how financial products make money, how credit works, or the potential long term impact on their financial well- being making mistakes can have, it is easy to see why this is becoming a problem for more and more young people.

Combine the impact of this lack of understanding with being unable to get access to the regular banking system, having to find an alternative way to bank your money, or pay bills without being caught out by onerous fees and account conditions, and it is easy to see how this can be overwhelming to some.

Financial education if not learnt early can have a life long impact on a person and as such, we put particular emphasis on financial education and promoting initiatives that support financial inclusion.

BE.

Passion Project / BE
Financial Services

The Passion Project is in the process of bringing a new series of products and services to the market for young people under the banner of the brand “BE” in Summer 2020.

The first product of the new Company will be a digital banking platform designed with state of the art patented technology which will offer a new range of youth friendly products and services. Apart from developing into a full banking service for all customers, both retail and commercial over the course of 2021 the new banking entity will also offer products and services to the unbanked and under banked from the outset.

Apart from the technology enabling a wider range of products and services due to its flexibility it will also be able to provide significant savings to vulnerable groups who often experience high charges and rates of interest when using alternative finance.

For information on any of the above please get in touch using the contact details below.
  • WeWork, 1 St Katharine’s Way, London, E1W 1UN
  • enquiries@www.passionprojectfoundation.org.uk
  • 07540 117 111

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