MULTIPLY is proud to be supporting Hyfa Foundation in 2024 as part of our social mission to directly support grassroots projects that make an economic, social, or environmental impact to local communities.
Financial literacy is a critical life skill yet almost two thirds (63%) of UK adults do not feel they can determine what happens in their lives when it comes to money, and 81% of 15-18 year olds are not confident with money (Bank of England). The Resolution Foundation forecasted in September 2023 that absolute poverty will increase from 11.7 million in 2023/24 to 12.0 million in 2024/25 (House of Commons Library).
Hyfa Foundation is a financial education charity established in April 2023, working with educational bodies, the government, and other organisations in filling the UK’s financial knowledge gap. Hyfa Foundation delivers programmes to enable students, people on low incomes and those from deprived areas to gain confidence, take control of their lives, and ultimately achieve independence.
Digital Transition Programme
MULTIPLY is partnering with Hyfa to facilitate the transfer of their courses to an online learning platform. Enhancing distribution and cost of delivery, enabling the foundation to scale rapidly and cost-effectively, reaching a larger audience.
“Multiplying the value of technology and knowledge is core to MULTIPLY’s ethos. Hyfa Foundation’s digital transition programme is multiplying the value of their knowledge using technology. The foundation’s essential work to address the discrepancy in financial literacy across the UK is key to the sustainable economic growth and stability from an individual level through to a national one. We are proud to be part of this inspiring journey and support the first step to digitalisation of their content to reach even more individuals and communities.”
Natasha Allden, CEO, MULTIPLY Global Ltd.
MULTIPLY’s support will enable Hyfa Foundation to deliver phase 1 in creating their online teaching platform. This first phase involves translating the “Foundations of Financial Education” programme into an online course. The programme provides a practical introduction and base level of understanding of personal banking and finance topics.
Focussing on students aged 16-25, new immigrants into the UK, residents of deprived areas throughout the UK and beneficiaries of other charities, this first phase aims to reach 1,000 participants within a year from launch, aiming to increase financial capability in at least 20% of participants[1].
“We are delighted that Multiply has chosen to sponsor Hyfa Foundation as their charity partner of the year. Multiply’s support will allow us to translate our offering to an online format and greatly advance our goal of filling the UK’s financial capability gap. Our programmes provide financial education with impact, by focusing on individuals at key life stages. Delivering our courses online is a key step for us in reaching more people and this partnership marks an important milestone for our foundation.”
Stephen Mix, Chair at Hyfa Foundation
Find Out More
If you would like to find out more, or get involved with Hyfa’s Digital Transition Programme, please contact info@hyfa.foundation. To keep up to date on MULTIPLY’s technology transfer programmes, research, and social enterprise work sign up to our Quarterly Newsletter.
MULTIPLY Global Ltd.
MULTIPLY works with advanced engineering companies to multiply value through technology transfer programmes and ventures. We have realised over £30m across a portfolio of advanced engineering clients specialising in space, aerospace and defence, automotive, energy, security and transport.
www.multiplyspace.com
Hyfa Foundation
Hyfa Foundation provides financial education with impact to students, people on low or government-subsidised income, and in deprived areas. They work with educational, charitable, social and public organisations to deliver courses tailored to their circumstances. The foundation’s mission is to provide a level playing field for individuals through financial education, providing people with the tools to take control of their finances and their lives.
https://hyfa.foundation/
[1] Impact measured by financial knowledge, understanding and behavioural change. Behavioural change includes saving more, being more mindful of expenses when shopping, making considered decisions about expenditure. Research has shown financial education interventions on average have a positive impact of between 0.1 to 0.2 standard deviations (10%-20% uplift) on financial literacy and behaviours. This is in line with other topics, such as maths and reading.