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East Leeds: Young people get to grips with finance
How can six cardboard boxes help young people in east Leeds manage their money? Barclays Money Skills, that's how!
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Young people at East Specialist Inclusive Learning Centre (SILC), John Jamieson School & Technology College, learnt how to balance their budgets effectively through a new and interactive financial capability programme developed by West Yorkshire Trading Standards in partnership with Barclays.
With the credit crunch, rising personal debt and insecurity it is more important than ever that young people have the skills to navigate the choppy financial seas. That is why West Yorkshire Trading Standards has teamed up with Barclays to develop Barclays Money Skills, a financial literacy initiative that aims to teach over 9000 16-25 year olds in the North of England about budgeting and banking, affordable credit, illegal money lending and issues such as identity fraud and phishing scams.
The resource is a fun and interactive way for young people to develop the skills that are so vital in the world of finance and banking. The boxes open to reveal six characters whose stereotypical lifestyles enable young people to look at issues such as luxuries and necessities and how these might change over time, examine bank statements and terminology used, look at credit scoring and how their lifestyles and activities can be affected by a poor credit rating and consequently their ability to borrow money or even take out a mobile phone contract for instance.
Marie Morris, Barclays' Community Investment Manager for the North East Region, said: "Our partnership with Trading Standards will ensure we equip young people with the skills and confidence to make sound financial choices, something which is at the heart of our Community Investment Programme. This two year project will see 150 Barclays employees trained to support the delivery programme, in addition to over 600 workers from local community groups, all of who will get involved in helping young people feel knowledgeable, confident and motivated to engage with their finances and manage their money well. "
Pete Williams from East SILC John Jamieson School & Technology College, said: "Barclays Money Skills provides a fun and interactive way of learning how to keep a track of our finances, choosing financial products and staying informed about financial matters. Our experience shows that financial capability contributes to tackling poverty and reduces financial and social exclusion, and increasing young peoples' knowledge and understanding will pay long-term dividends in the community."
Graham Hebblethwaite, West Yorkshire Trading Standards Service's Chief Trading Standard's Officer said: "Financial capability is high on the council's priorities, and it is in everyone's interest that consumers are well informed and confident about making major financial decisions.
"We all know that better budgeting can help people to avoid problem debt and shopping around for suitable financial products can help us make the most of our income. Barclays Money Skills not only helps young people develop that knowledge, but also builds confidence to take a greater responsibility for their financial affairs and to play a more active role in the financial services market".
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Wednesday 08 February 2012
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