In July, 26 young adults gathered at Clare College, University of Cambridge, UK, for an immersive experience in financial literacy and personal development. Whether preparing for university or embarking on professional journeys, participants gain invaluable skills and insights to navigate life ahead. The Money and Responsibility program was founded in 2009 by financial experts Nick Hoffman, CEO of Nicholas Hoffman & Company, and Nigel Wardle, President of Consulting Caribbean, LLC. Later, Dr. Jerry Toner, fellow and director of studies at Churchill College that caters to participants aged 17-24, joined the efforts.
At its core, the program aims to instill robust financial responsibility skills. The curriculum covers a broad spectrum of lectures and activities, from science and history to cultural experiences, to provide students with a holistic worldview. “People come with an understanding that they have the opportunity to learn about how money and compounding works,” said Hoffman. Students delve into the mechanics of money management, covering investment, budgeting, credit cards, debt, taxes, and future planning.
This program is essential for developing well-rounded individuals capable of making informed decisions and contributing to their communities. Wardle’s dynamic lecture on environmental, social, and governance (ESG) investing demystified complex concepts and underscored the importance of responsible investment. “There is a great pleasure in presenting and seeing the profound impact the program has on people’s lives,” Wardle noted. These critical skills, often overlooked in traditional education systems, are vital for shaping responsible adults and a sustainable future. Beyond finance, the program enriches students culturally, broadening their horizons and introducing new possibilities. Participants gain unprecedented access to world-renowned thinkers and academics; the program offers a unique opportunity for intellectual curiosity and an introduction to lifelong learning.
This year, students were privileged to hear from Sir Laurie Bristo, former British Ambassador to Russia and Afghanistan, who provided invaluable insights into the Russia-Ukraine war. Professor Per Ola Kristensson of Trinity College, inventor of the iPhone application ShapeWriter, discussed AI’s potential to improve accessibility by offering adaptive technologies. Exposure to such topical events and advancements builds world-awareness, a key component of asset management. And a trip to Cambridge wouldn’t be complete without activities like punting on the River Cam, playing croquet, and attending the Shakespeare play Love’s Labour’s Lost in the garden of St. John’s College. These activities bring a new layer of vibrancy to the program and foster camaraderie among the participants.
The program’s enduring impact is evident in the transformation of its pupils. “Within two to three days, students often come up and say, ‘This has been the best experience of my life.’” Wardle observed. “The program is a game changer,” said Hoffman. “Students get a new perspective on the world, their future, and the possibilities for them.” By stepping outside of their comfort zones and immersing themselves in this prestigious learning environment, these young adults are set on a path toward becoming responsible stewards of the world and catalysts for positive change.