In 2013 Redington launches RedSTART, a financial literacy and entrepreneurship education programme aiming to build confidence, drive and ambition in young people in London.
“When people are more knowledgeable and confident about their personal financial decisions their own personal wealth will grow, helping them contribute to a booming economy.” Ben Bernanke, Chairman, Federal Reserve
“With the UK economy teetering on the brink of recession we must encourage and nurture entrepreneurial drive and ambition.” Robert Gardner, CEO Redington Ltd.
The shift from Defined Benefit (DB) to Defined Contribution (DC) pension provision represents a paradigm shift in responsibility from the corporate to the individual. The investment understanding and financial knowledge required to successfully manage one’s own pension provision is an integral part of the education of young people. Educating our young people in financial literacy is not a luxury but an imperative.
A growing number of commentators now foresee growing conflict, and even future political strife, over the entitlements amassed by the retired and retiring baby boomers. Younger citizens are beginning to realise that the current distribution of entitlements is unfair. This is exacerbated by demographics; the UK has an ageing population – generations Y & Z will have to support a significantly larger retired population than the generations that preceded them.
On the 19th December 2012 RedSTART hosted its pilot crash course in financial literacy and entrepreneurship, welcoming a group from Lister Community School in Newham, East London to Redington’s offices. Using innovative and interactive teaching methods, ten volunteers from Redington taught 12 and 13 year old students our bespoke syllabus, which aims to capture the entrepreneurial flair of our founders Robert Gardner and Dawid Konotey-Ahulu, as well as the financial knowledge of Redington’s workforce.
The feedback was extremely positive:
“The students were very excited by the day, we felt very privileged to have had so much input from so many interesting members of your company. I am sure the rest of the programme will be a huge success.”
Melanie Mortimer, Lister Community School
Working with schools, partner organisations and sponsors, RedSTART aims to provide a crash course in financial education and entrepreneurship to 150 young people in 2013.