Students at Strood Academy recently took part in a managing money pilot which consisted of a series of workshops by Dom Education, www.domeg.co.uk, on money management and understanding finances.
David Haigh, Director of Financial Capability at the Money Advice Service commented:
“This is the first time that we have funded projects to gain evidence about how best to help people with their money. These projects will reach tens of thousands of people, while helping organisations ensure their interventions are truly effective. By increasing the effectiveness of what we do, we can better target our collective efforts, thereby improving the financial capability of millions across the country.”
“Evidence will be gained from a range of approaches, from large-scale digital projects that engage with people online, through to one-on-one interventions which guide people through a step-by-step process to help them keep on top of their finances. The projects will help individuals to budget, saving regularly, handle their finances online, manage their credit and build their numeracy skills.”
Up to 30 post 16 students had the opportunity to participate in the workshops and the effectiveness of what they learnt was monitored utilising a control group of students who did not participate.
We look forward to the results of this national initiative.
About the Financial Capability Strategy for the UK
The Financial Capability Strategy was established as a ten-year strategy to address the stubbornly low levels of financial capability across the UK. The Strategy aims to bring together individuals and organisations to deliver a collaborative approach to improving levels of financial capability, as well as establishing the interventions that are proven to work and seeing that as many people as possible benefit from them. The strategy can be found at www.fincap.org.uk/uk_strategy