bMoneyWize CIC is a multi-award winning and accredited social enterprise. We aim to empower individuals and families to make informed financial decisions by providing accessible, engaging, and practical financial education tools and resources.
When did your business become a social enterprise and why?
We always had a social mission and became a not-for-profit enterprise in 2015. When we decided to be classed a social enterprise when creating educational products, we could diversify our income streams and still support our social cause – financial education and numeracy.
What social needs are you trying to address and what types of social outcome are you striving to deliver?
bMoneyWize addresses these social needs related to financial literacy and education.
- Improving financial literacy: Many individuals and families lack basic financial literacy skills, leading to poor financial decision-making, debt, and financial insecurity. bMoneyWize provides accessible, engaging, and effective financial education tools and resources to help individuals and families develop the knowledge and skills to make informed financial decisions.
- Reducing financial exclusion: Low-income individuals and communities and other marginalised groups often face financial exclusion due to limited access to financial services and products. bMoneyWize’s financial education solutions aim to empower individuals and families with the knowledge and skills needed to access and use financial products and services effectively.
- Promoting financial well-being: Financial stress and insecurity can have negative impacts on individuals’ physical and mental health, as well as their overall well-being. bMoneyWize’s financial education solutions aim to promote financial well-being by helping individuals and families develop financial habits and behaviours that support their long-term financial goals.
- Bridging the financial education gap: Financial education is often not included in formal education curricula, leaving many individuals needing access to basic financial literacy education. bMoneyWize provides financial education solutions that can be used both in schools and at home, bridging the financial education gap and helping to build a more financially literate population.
Overall, bMoneyWize addresses essential social needs related to financial literacy and education, aiming to empower individuals and families to achieve financial well-being and security.
What is your main reason for having our accreditation? What were your expectations?
We applied for accreditation to
- enhance our credibility,
- and competitiveness,
- and to demonstrate our commitment to quality and effectiveness.
We expect that our accreditation status will increase our audience’s confidence in the quality of our products and services.
What does accreditation mean to you? What does it say about your business?
Accreditation can provide several benefits for bMoneyWize, including enhanced credibility and recognition, improved program quality, competitive advantage, funding and partnership opportunities, and, ultimately, better outcomes for users.
What benefits has there been as a result of being accredited? E.g. did you find the assessment process useful? Do you feel the accreditation give you more credibility as a social enterprise?
Some of the benefits of being accredited have included are:
- Increased credibility and trustworthiness in the eyes of stakeholders.
- Enhanced reputation and recognition as a leader in financial education.
- Improved ability to attract volunteers.
The assessment process was helpful for us because there was an acknowledgement of the work we had done over time. The accreditation has contributed to the increase in the number of volunteer applications.
Are there any specific achievements/accomplishments that are linked to holding the accreditation?
We have been able to attract new collaborators on new community projects.
What would you say to another social enterprise considering accreditation?
I would say, “What are you waiting for?”
Any other comments/feedback?
“Financial literacy is key for all young people and can be a significant barrier to social mobility. Promoting and helping younger people access this information can be life-changing,” says one of our volunteers.
Find out more about bMoneyWize CIC by visiting their listing on our Mark Holder Directory.
If you would like to find out more about becoming an accredited social enterprise please complete our Eligibility Quiz to find out more.