The Cumberland changes the financial future of 1,300+ children

1,370+ engaged students

The need

Young people in the UK frequently don’t understand how finances work and how to manage money. This adds to difficulties later in life, like needing to borrow money to pay bills, having little savings, and not planning for retirement.

That young adults are already in debt is not surprising, given the lack of financial literacy: only 47% of 7-to-17-year-olds in the UK receive basic financial education at home or at school.¹ Organisations like The Cumberland Building Society are changing that.

The why

The Cumberland Building Society is owned by its members. As a result, it has social purpose built into its DNA. Beyond providing financial services to the North West of England, the organisation is driven to help the region be financially stronger and inclusive.

‘We want to support our local community with what matters to them. One way to do that is to help young people develop skills and knowledge to improve how they manage their finances and make financial decisions.’

– Nigel Taylor, Head of Marketing and Brand at The Cumberland

The solution

To address young people’s lack of financial literacy, The Cumberland set out to educate the next generation. Their goal was to educate young people on how money works and to empower them to make healthy financial decisions. To that end, they partnered with EVERFI from Blackbaud to offer the Vault course to primary schools in the North West of England, free of charge.

Vault teaches complex financial concepts in an easy and engaging way

Vault: Understanding Money is a digital, interactive programme teaching children how to make wise financial decisions and improving skills like goal-setting and responsible decision-making. The interactive lessons engage students in an immersive adventure that translates financial concepts into relatable experiences, helping children develop strategies to manage their future finances.

In addition to sponsoring the digital course – which teachers deliver in the classroom –, The Cumberland also attended over 20 school events facilitated by the EVERFI team. In these events, employees answered students’ questions about money, the finance industry, and careers in banking, supporting learning and raising children’s aspirations.

The impact

To date, The Cumberland has engaged 1,377 students in 41 primary schools, with a significant 35% gain in students’ knowledge of financial matters. The results show the programme’s goals are being met:

• Students know more about money and how to manage it
• They got better at differentiating between needs and wants
• Children understand better their parents’ budget constraints

Teachers were also happy that the lessons helped put Maths into context, illustrating some of the important real-life applications of this subject.

The effect on business

The results of the programme and the feedback from teachers and children have reinforced The Cumberland’s commitment to investing in this programme, which they feel captures the spirit of their ‘Kinder Banking’ ethos. The achievements of the programme have been felt across the organisation.

The verdict

For The Cumberland, the partnership with EVERFI from Blackbaud has fostered a sense of community and shared purpose in supporting the next generation. It has enabled the company to further live its values and culture through ‘storydoing, not just storytelling’.

Your turn!

If, like The Cumberland, your organisation is committed to supporting your community, reach out to our team of social impact experts at EVERFI from Blackbaud. We can help you address the issues that matter to your stakeholders and get your employees involved in social good. We’re keen to be your partners in making a difference!

Sources:

^{1. Money and Pensions Service. (2023). UK children and young people’s financial wellbeing survey: Financial foundations}