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At The London Institute of Banking & Finance, we believe financial education is key to tackling financial exclusion, so we created LiFE to offer 'Lessons in Financial Education'.
Nearly two million adults in the UK do not have a bank account. Financially excluded people pay a ‘poverty premium’ of £1,300 each year and up to 8.8 million people are over-indebted. 13 million people do not have enough savings to support them for a month if they experience a 25% cut in income. 50% of households in the bottom half the of the income distribution don't have home contents insurance and 15 million people report one or more signs of financial distress. The fact is financial wellbeing impacts mental health.
To address this, we wanted to develop a cost-effective self-study programme that didn't require a finance expert to deliver it. We drew on the expertise of our staff – learning technologists, our assessment team and relationship managers. This way we were able to make LiFE affordable for partner organisations to embed in their own programmes. LiFE is an accessible online learning platform for all ages and abilities and allows individuals to learn at their own pace and it’s inclusive.
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