Justin Tomlinson MP showed his support for the award-winning personal money skills programme, Money for Life, which targets Further Education (FE), Adult and Community learners in North Swindon at the programme’s Westminster reception yesterday.
Money for Life, supported by Lloyds Banking Group, delivers vital money management training to people and communities who need it most. By providing accredited, free-of-charge financial education training to college staff and community workers Money for Life is equipping them with the skills they need to teach learners how to manage their money better. In 2011 Money for Life launched two fully funded qualifications accredited by the Open College Network (OCN) called Teach Me and Teach Others financial capability. Since then, over 1000 representatives from colleges and community organisations have passed the Teach Me and Teach Others qualifications, and are now delivering valuable money management sessions to over 26,000 learners in communities across the UK.
Following the success of Teach Me and Teach Others, the Money for Life programme is now launching Money Mentors, a two-day course that is specially designed to give college staff and community workers the mentoring skills required to give one-to-one money management support. The course, which is also fully funded and accredited by the Open College Network (OCN), will cover key areas such as budgeting and benefits, which are crucial as major benefit reforms come into place in April 2013.
The programme also empowers young people to develop innovative, grass-roots money management projects through the Money for Life Challenge, which is now in its second year. In 2012, this national competition will provide 250 £500 grants for 16-24 year olds to run a money management project to improve financial literacy in their communities. The most inspiring and impactful projects could progress to the national and UK finals, with great prizes on offer. The closing date for applications is 23rd November 2012.
Commenting, Justin Tomlinson MP said: “It’s vital that we continue to help our community by equipping people with the money management skills they need to help them every day, for years to come. In this difficult economic climate, we must do all we can to enhance people’s prospects and promoting financial capability is a great place to start. I’m supporting Money for Life in North Swindon, because I believe it can help more people in our community feel confident in managing their finances.” Justin is the Chair of the All Party Parliamentary Group for Financial Education for Young People, now the largest group in Parliament with the support of 234 MPs.
Last year over one hundred Lloyds Banking Group staff were trained to give money management workshops in their community. This year Lloyds Banking Group is partnering with Family Action, to place more than 120 Lloyds Banking Group staff in a variety of Family Action projects across the UK, ranging from working with single mums on how to budget effectively to helping parents with learning disabilities overcome their lack of money management skills.