Financial education

We take seriously our responsibility to do more to raise the levels of general financial understanding across the communities we serve. We are working closely with the Government and other stakeholders to deliver this.

financial education

We worked with the FSA to pilot their Moneymadeclear guides. These are now produced by the Money Advice Service and we make them available through all our branches. The Money Advice Service is an independent body that aims to help consumers manage their money better and make informed choices. The guides form part of a range of initiatives designed to help consumers manage their money, keep track of their finances, plan ahead, make informed decisions about financial products and stay up to date about financial matters.

The Group’s charitable Foundations fund grassroots charities and organisations that deliver financial advice and information to disadvantaged people. They are currently providing grants to Citizens Advice Bureaux (CAB) in England, Wales, Scotland, Northern Ireland and the Channel Islands.

Money for Life

In 2010, we launched ‘Money for Life’, our new £4 million financial capability programme for the further education sector. We are partnering with skills agencies in each of the four nations of the UK to deliver the programme. It aims to develop the capacity of the further education sector to improve the financial capability and personal money management skills of the three million people they serve. Over the next two years we will also aim to train 500 of our employees through the Money for Life programme, to enable them to support our financial education agenda in their local communities.

England

In England, the National Skills Academy for Financial Services (NSAFS) has developed two curriculum resources that will enable tutors, support workers and community workers to gain one of two accredited qualifications in financial capability. One qualification (‘Teach Me’) will help participants improve their financial knowledge. The other (‘Teach Others’) will train participants to facilitate financial education workshops. In 2011, Money for Life will train trainers who will promote and deliver courses to enable over 1300 practitioners across the UK to achieve one of the two qualifications.

Wales

In Wales, Further Education colleges work-based learning, and a range of third sector stakeholders came together in five focus groups to create action plans and tailored resources for colleges, organisations and learners. These include online resources, ‘how to’ guides and training programmes. The focus groups addressed topics such as how effective money management contributes to employability; and how to engage young parents and young people not in education, employment or training to improve their financial capability and life chances.

Scotland

In Scotland, Money for Life funded the creation of a DVD, scripted and produced by drama students at James Watt College, to raise awareness of financial issues amongst young offenders and those at risk of offending. A second focus group brought together six adult learning colleges to create an interactive budgeting game for learners. Stakeholders in the Highlands, Dundee and Stirling partnered to create a package of training programmes including coaching and mentoring, group management and confidence about financial capability to help further education tutors and facilitators gain the skills to provide support to their diverse learning groups.

Northern Ireland

Educational Guidance Service for Adults conducted two focus groups in Northern Ireland. One focus group brought together tutors from 4 further education colleges to embed financial capability into the curriculum on Access Courses. Learners on Access Courses tend to be older and returning to learning after a long absence, using the course as a bridge between further education and higher education. The tutors developed resources to provide students with the skills they need to have greater control of their finances, ultimately enabling them to stay in education. A second focus group produced two 2-hour-long lesson plans which will be incorporated into ESOL (English for Speakers of Other Languages) classes that support migrant workers.

www.moneyforlifeprogramme.org.uk