A team of seven young people from Newport is celebrating after impressing a panel of esteemed judges to reach the Wales final of Lloyds Bank’s Money for Life Challenge.

This national competition aims to inspire better money management skills in local communities across the UK.

The team of 17 to 18-year-old learners are from ITEC, a training provider in Newport, fought off competition from all over Wales with their exciting project called Money Monkeys.

The group set up their project in January, when they were awarded a £500 grant from Money for Life to put their ideas into action. Since then, it has set up a financial awareness project aimed at giving young people the knowledge and skills they need as they progress to adulthood.

They targeted secondary schools and training centres across South Wales with resource packs on where to get advice and ran engaging activities gaining support from MPs and financial charities along the way.

Chloe Liddle, 18, from Money Monkeys, said: “I really enjoyed taking part in the Money for Life Challenge and think we have helped teenagers and young people be more aware of money issues. Our event was very successful and I have learnt a lot too.”

Money Monkeys will join four other Wales teams whose projects have shown the Money for Life Challenge judges that they have what it takes to improve not just their own money management skills, but those of their friends, families and even their local communities.

The Wales final is taking place at The Royal College of Music and Drama today when each team will present their money management projects to a panel of high-profile judges.

The winner will win £1,000 to donate to the charity of their choice and each member of the team will receive £50 shopping vouchers. The team will also represent Wales in the UK final at the 02 Arena in London on May 15.

The four other Wales finalists are all based in Cardiff.