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