This time last year, when I clicked the ‘Submit’ button on my Bank of England Youth Forum application, a wave of anxiety hit me. I thought, “I am the last person anyone would associate with enjoying maths or economics, and I definitely have no clue how to set up an ISA… why on Earth did I just apply to this?” A few moments later, after the initial anxiety had subsided, I realised this was exactly why I needed to apply; if I didn’t have a clue about the world of finance and economics, then other young people definitely share my pain.
My financial education in school consisted of a money management booklet being dropped on my desk, which I shoved to the bottom of my schoolbag. However, I wanted to get better at understanding how the economy worked, and to do this I knew I had to actively immerse myself in it. If someone had told me last year, that I would represent over 900 young people’s views on how a global pandemic financially affected them, or quizzed the Bank of England’s Chief Economist on the Bank’s transparency regulations, I would have laughed in their face.
After it became clear the Coronavirus outbreak would have a disastrous affect on our economy, a small group from the youth panel, formed an Immediate Response Team. We felt it was vital that we urgently gauged the national opinion of young people, so we created a survey, which asked: ‘How is COVID-19 affecting you, financially, as a young person?’ It was clear from the survey results, that there is a lot of uncertainty and anxiety from young people during this crisis, and many noted feeling that their future is up in the air. We wanted to share these concerns with the Bank and were given an opportunity to present our survey findings to the Bank of England’s Chief Economist Andy Haldane.
Presenting to Andy Haldane, with the Bank of England’s Immediate Response Team, was definitely the highlight of my time on the youth panel. For those of you, like me, who did not know, my brother informed me kindly over the dinner table the night before the presentation, that in 2014 Andy Haldane was named by Time Magazine as one of the world’s top 100 most influential people (no pressure, then). From lowering interest rates, to working with the Government to ensure we strive for environmental sustainability in our economic recovery plan, we held him to account on a range of issues. Voicing the issues that young people care about to influential institutions, like the Bank of England, allows you to have real impact in youth voice.
For me, joining the Bank of England Youth Forum, has been about asking young people what they think, listening to their concerns, and ensuring their voices are heard. I am sure you will agree with me when I say that now more than any other period in recent history, young people need to have a seat at the table. The BBC reported in a recent article, that ‘Under 25’s and women financially worst-hit [by COVID-19]’. Therefore, it is vital that young people are asking key questions, like: What does this mean for us? How can better educate our young people on economics? Are the Bank of England representing young people to the best of their ability? Only in answering questions like these can we ensure young people are properly represented.