The charity teaching young people in Manchester about money matters

Granada Reports journalist Rachel Pritchard went to watch a lesson taking place

A charity has opened a base in Manchester to teach young people how to manage their finances, and why money matters.

In a cost of living crisis it is more important than ever before for people to understand how to manage their finances, but for many young people, financial knowledge remains a mystery.

Money lessons have been on the school curriculum since 2011, but the charity MyBnk says timetabling pressures mean the message is not getting through.

MyBnk was set up to improve the financial literacy of young people, and it has now launched its North West hub, which will deliver sessions from Liverpool to Manchester to Yorkshire.

One of the programmes it runs is The Money House, which is a three to five day course aimed at 16-25 year olds entering independent living, to teach them how to manage their money and maintain their tenancy and avoid homelessness.

Sam Carr from MyBnk delivers the 'Money House' sessions Credit: ITV Granada

Sam Carr from the charity said: "Our most recent survey showed that two fifths of young people aren't financially literate, but then also, alongside that, over half of them said the cost of living crisis is something that was really bothering them.

"The need for financial awareness is really great, and it is something we are working really hard to try and cover."

Lisa Maynard-Atem is an entrepreneur and advises business owners on marketing and branding.

She said access to financial information at a young age would have helped her: "I actually started working when I was 16, and I had no idea about finances and even how to open a bank account.

Business owner Lisa Maynard-Atem said she didn't know how to open a bank account when she was younger Credit: ITV Granada

"My bank manager had to help me do that, so I would have benefitted massively from an early age.

"It would have helped me to understand about money, about saving, investing, pensions, as that was not information I had at the time."

With rents, mortgages and the cost of living spiralling and money problems damaging mental health MyBnk hopes a better understanding of finance will empower young people and make life easier.

Want a quick and expert briefing on the biggest news stories? Listen to our latest podcasts to find out What You Need To know...