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Financial Inclusion Partnership Presentation
19th June 2008
Financial Education
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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
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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
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East Ayrshire CouncilWorking in Partnership
GEMAP Schools F E College Credit Unions Community Learning & Development A4E
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East Ayrshire Council
Baseline Study Measuring teachers understanding,
knowledge and confidence in delivering financial education
East Ayrshire teacher’s evaluation of available resources
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East Ayrshire Council
Training programme for teachers: Primary Secondary Special needs
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East Ayrshire Council
Customised teaching pack developed with teachers input
Ongoing support from Financial Education Officer to assist roll out of programme
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East Ayrshire Council
Awareness raising of Credit Unions in schools
Establishing School based Credit Unions
Credit Union training for pupils
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East Ayrshire Council
Young People and Money training delivered to youth workers from Community Learning & Development and the voluntary sector.
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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
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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
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Dundee City Council
• FAE Dundee
• Managed locally by Dundee CAB• Delivers workshops to
– Intermediaries– Groups of service users
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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
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Dundee City Council
Save By The Bell
• Schools based savings scheme• In partnership with Discovery Credit Union• Linked to Integrated Community Schools
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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
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Dundee City Council
Making Money Work
• Financial Inclusion Employability Project
• Fairer Scotland Fund & ESF
• Client base - people within the employability pipeline
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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
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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
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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.
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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
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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
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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”
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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
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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
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Inverclyde Council
• 5981 FE Activity in 2007• School Money Weeks/Savings/Embedded
in Curiculum• Vullnerable Groups• New Tenants• Campaigns
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North Lanarkshire
• GEMAP• 9 Module Course• Referral from NLC (MA/WR Services)• Outcomes
– 158 completed– New accounts/credit union members
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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.
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Comhairle nan Eilean Siar
• MoneyWise programme
• Save with the Sterlings
• IsleSave School Collection Point
• Enterprise in Education