Young people win big at NI Final of Money for Life Challenge

Elektrak, a team of five young people from the South Regional College in Armagh, are celebrating today having been named national winners at the Northern Ireland final of Lloyds Banking Group’s Money for Life Challenge, a UK-wide competition to inspire better money management skills in communities across the UK and which is delivered in NI by NOW Group.

Elektrak presented their project to a panel of esteemed judges and guests at the national final held in the Long Gallery yesterday (April 23, 2015). The team will now present their money management project to a panel of high-profile judges at the UK Grand Final of the Money for Life Challenge, which will be held at the London Film Museum on 28 May.

The team’s project addressed the high cost of energy bills and how turning appliances off instead of leaving them on standby can help save money and designed an app to show users how they can save.  They undertook their project over a three month period, having been awarded a £500 grant from Money for Life to put their ideas into action. By winning the Northern Ireland national final they have been awarded £1,000 to donate to the charity of their choice and, as a participant in the grand final, they are now in with the chance of receiving £3,000 to donate to the registered charity of their choice.

A team of young people from South West College in Omagh - Motor Vehicle Movers - won the title of People's Prize at yesterday's Final, which was voted for by attendees at the event.

Motor Vehicle Movers' money-saving idea looked at how to support other young trainees and prospective trainees at South West College with financial advice and guidance relating to their particular course of study, which was Motor Vehicle studies.  

David Rowsell, Head of the Money for Life Programme at Lloyds Banking Group said: “Now in its fourth year, the Money for Life Challenge continues to help young people create a money management project to benefit their local community and enables them to develop the skills they need to manage their own money too.” 

“This year’s Challenge has seen teams demonstrate a high standard of innovation and commitment and the judges were hugely impressed by our national finalists. We are thrilled to see that many of them have already had a positive and measurable impact in their communities.”

Speaking at the event, OFMDFM Junior Minister Jonathan Bell said: “Initiatives such as the Money for Life Programme help ensure that people are more informed, more skilled and as a result more confident about managing their finances.  Money management is a vital skill for everyone. It is encouraging to hear the ideas presented here tonight support and complement the work the Northern Ireland Executive is developing to help people take control of their finances. Each of the teams should be very proud of their achievements.”

Junior Minister Jennifer McCann added: “This Challenge highlights the importance of understanding money management as well as the value of seeking the views and ideas of young people. I congratulate all of the young people for their work to address money management issues in practical ways which will benefit those around them.”

Dawn Warnock, Business Development Manager for NOW Group, said: “I’m delighted for Elektrak and wish them the best of luck at the UK Grand Final in May. All of this year’s national finalists have delivered projects across NI that tackle real financial issues in their local communities.  They have raised financial awareness amongst key audiences whilst learning money management skills themselves. They should be very proud of their efforts and the impact they’ve had.”

The guys from Elektrak said: “We are delighted to have won the Money for Life Challenge NI national final event.  It feels wonderful to be recognised for all the hard work we have invested in our project and are so grateful to everyone who supported us along the way. We are now counting down to the grand final in May!” 

For more information on the Money for Life Challenge, please go to www.moneyforlifechallenge.org.uk, or on Facebook at https://www.facebook.com/moneyforlifeukand on Twitter at www.twitter.com/moneyforlifeuk.