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Financial Inclusion Partnership Presentation
19th June 2008
Financial Education
Why Financial Education?
• 98% of people hold at least one type of financial product
• 79% of people do not shop around or talk to a financial adviser before buying a product – relying on product information or non-independent advice
• UK financial services industry spend £1.5 billion/year on advertising
Why Financial Education?
• Receiving financial education as a child can result in people being up to £32,000 better off between the ages of 35-49
• 81% of people under retirement age think the state pension will be inadequate, but more than 1/3 have not made any additional provision
East Ayrshire CouncilWorking in Partnership
GEMAP Schools F E College Credit Unions Community Learning & Development A4E
East Ayrshire Council
Baseline Study Measuring teachers understanding,
knowledge and confidence in delivering financial education
East Ayrshire teacher’s evaluation of available resources
East Ayrshire Council
Training programme for teachers: Primary Secondary Special needs
East Ayrshire Council
Customised teaching pack developed with teachers input
Ongoing support from Financial Education Officer to assist roll out of programme
East Ayrshire Council
Awareness raising of Credit Unions in schools
Establishing School based Credit Unions
Credit Union training for pupils
East Ayrshire Council
Young People and Money training delivered to youth workers from Community Learning & Development and the voluntary sector.
East Ayrshire Council
Awareness Raising – Signposting – Referral Multi agency community events
Money Advice Support Assistants
‘MoneyWise’ webpagehttp://www.east-ayrshire.gov.uk/ess/socialwork/moneywise/moneywise.asp
Dundee City Council
• Focus on prevention & early intervention• part of the anti-poverty strategy
• 3 main financial education projects– FAE Dundee: financial awareness education
– Save By The Bell– Making Money Work
Dundee City Council
• FAE Dundee
• Managed locally by Dundee CAB• Delivers workshops to
– Intermediaries– Groups of service users
Dundee City Council
• FAE workshops based on the 4 Bs– Budgeting, borrowing, banking & benefits
• 18 months of project– 774 intermediaries participated– 522 service users participated
Dundee City Council
Save By The Bell
• Schools based savings scheme• In partnership with Discovery Credit Union• Linked to Integrated Community Schools
Dundee City Council
• 12 primary schools
• 2 secondary schools
• 850 savers in financially excluded areas
• High level of pupil participation
• 2000 pupils participated in Money Week
Dundee City Council
Making Money Work
• Financial Inclusion Employability Project
• Fairer Scotland Fund & ESF
• Client base - people within the employability pipeline
Dundee City Council
• Financial capability group workshops• Followed by 1:1 support at 3 key stages
– Before starting work, at transition and aftercare
• 2 year target: – 3300 people participate in group workshops– 1600 people access 1:1 support
North Ayrshire CouncilFinancial Inclusion project in partnership with: Community Learning and Development Trading StandardsBenefits of community development approach: Improved partnership working Access to relevant target groups Direct referrals to Financial Inclusion and
mainline services
North Ayrshire Council
Financial Education offered to all 10 secondary schools; by March 08 all but one school participating in programme for S3 pupils
A wide range of appropriate materials identified and lesson plans produced.
Renfrewshire Council• Financial Education and awareness with
vulnerable young people
• Partners selected on basis of client benefit and access
• Sessions to 1,009 young people
• Improved financial knowledge and confidence
Glasgow City CouncilFinancial Education in Schools:• Working in partnership with Learning and Teaching
Scotland- funding Financial Education Development Officer
The main strands of the strategy: • CPD days for teachers• Creating links between schools and credit unions• The highlight of the work so far was ‘Money Week’ taking
place in over 120 schools in autumn 2007
Glasgow City Council
Community Based Financial Education:
• Five community based Financial Inclusion Advisers, providing preventative financial education to vulnerable groups. in one-to-one and group settings
• Working closely with existing advice agencies• Remit: education, prevention, and early intervention in
the ‘Four Bs’- “Budgeting, Borrowing, Banking and Benefits”
South Lanarkshire Council
Developing Financial Capability in the Community:• Primary & Secondary Schools• More Choices More Chances• Vulnerable young people and adults• Those facing key life changes• Older people • Training for staff and volunteers working with the key
groups
West Lothian Council
3 Work packs produced for school pupils• ‘Save with the Sterlings’ for p5/6• ‘Gr8@cash’ for S2 pupils• A new pack for P7/S1 pupils
‘DOSH’ Courses and ‘Money Minefield’ game developed Ethnic Minorities Womens’ Group establishedPack for ‘Early Years’ children in development
Inverclyde Council
• 5981 FE Activity in 2007• School Money Weeks/Savings/Embedded
in Curiculum• Vullnerable Groups• New Tenants• Campaigns
North Lanarkshire
• GEMAP• 9 Module Course• Referral from NLC (MA/WR Services)• Outcomes
– 158 completed– New accounts/credit union members
West Dunbartonshire Council
• A joint initiative with the “Routes 2 Learning” project within Clydebank College was jointly developed and targeted to 3 of the most deprived areas in West Dunbartonshire.
• Financial Inclusion funded CAB surgery will be targeted for a financial literacy course – designed by the college known as the “One Day Money Challenge”.
• Service Level Agreement the council’s Education and Cultural Services department to deliver a school based programme of financial education in both primary and secondary schools.
Comhairle nan Eilean Siar
• MoneyWise programme
• Save with the Sterlings
• IsleSave School Collection Point
• Enterprise in Education