Local MP Cathy Jamieson has backed the Money for Life Challenge, a national competition devised by Lloyd’s Banking Group that encourages young people aged 16-24 to improve their money management skills.

The Challenge helps young people across the UK to find innovative and impactful ways to improve their money management skills and those of their friends, families and communities.

A grant of £500 is awarded to hundreds of 16-24 year-olds who want to run a money management activity in their community, with the best projects going head to head to win a coveted place at the National and UK Grand Finals.

Last year the Money for Life Challenge helped launch more than 300 new projects. The winner (Woodley Wallet Watchers, from Stockport) worked with a local Credit Union to help young adults in their community get saving and improve their financial literacy.

Cathy said: “We all need to learn how to handle our money sensibly and the Money for Life Challenge gives young people from across the UK the opportunity to devise new and innovative ways to improve their money management skills.

Financial education is a life skill and one that we need to develop as early as possible. We all know how easy it is to run into financial difficulty so learning some basic rules about money management is absolutely vital.

The Challenge is looking for learning providers and community organisations to support teams of 16-24 year-olds from the local area and I would urge any that are interested to get involved.

We all have a role to play in improving financially literacy and that is why I would like to see money management skills included in the education curriculum from primary school onwards.” Money for Life wants to encourage at least one learning provider or community organisation in your constituency to get involved in the Money for Life Challenge. Organisations can support teams of young people to enter the competition ahead of the closing date for applications on Friday 21 November 2014. The Money for Life Qualifications provide accredited, fully-funded training to enable community support workers across the UK to embed personal money management skills at a local level.