Financial education charity pfeg becomes part of Young Enterprise

YE, which educates young people about business and enterprise, says no redundancies are anticipated at this stage

Young Enterprise
Young Enterprise

The financial education charity pfeg has become part of Young Enterprise after a month-long consultation.

The charity officially became part of YE, which educates young people about business and enterprise, from the start of September – pfeg-branded financial education programmes will continued to be offered under the YE umbrella alongside its own enterprise programmes.

Pfeg’s income dropped from £8.26m in 2010/11 to £1.35m in 2011/12 after funding from central government and the Financial Services Authority, the financial service regulator, ended. The accounts show that it employed 41 people in 2010/11, but this had fallen to 12 employees in 2011/12.

YE had an income of just over £6m in 2012/13. Both the charities posted deficits in their latest accounts – YE of £95,000 and pfeg of £391,715 – but a spokeswoman said that YE would not be posting a deficit in 2013/14 and was "continuing to focus on growth".

Michael Mercieca will remain chief executive of YE. Tracey Bleakley, the former chief executive of pfeg, has moved to the Association of Police and Crime Commissioners to be its chief executive.

Pfeg’s 14 staff will gradually relocate to Young Enterprise’s head office in Clerkenwell, London, from November. The enterprise charity already has 115 employees.

No redundancies are anticipated, but a spokeswoman for YE said: "No watertight job guarantees can ever be given by an organisation at such an early stage in a merger.

"We will be focusing over the next six months on a detailed scope of the potential that exists for our merged organisation to reach more young people and do it better, to equip them with personal finance, business and enterprise skills."

Mercieca said: "Bringing pfeg under the YE umbrella means we can support more students and teachers, link more businesses with education and establish YE as the leading voice on both financial and enterprise education, two crucial learning areas for young people today."

The move coincides with financial education becoming a statutory requirement in schools.

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