Call for financial capability training to be part of apprenticeships

The report, by NatWest, argues that financial capability training should be classified as off-the-job training and built in to future apprenticeship standards and curriculum.

It features a case study from the National Youth Agency's My Money Now programme which delivers training to improve the financial capability of 16- to 21-year-olds embarking on an apprenticeship.

Citing NYA's scheme as an effective way for smaller employers to help equip and support their employees with their finances, the report quotes the experiences of Collins Kiplimo, a product design apprentice with Tata Technologies, based in Leamington Spa who attended NYA's two-day training.

"I learned how to read a bank statement properly, there are so many details on there that I had never thought about before, and I learned about different types of bank account and what they were for," Kiplimo said.

"We also looked at long-term saving using case study examples to illustrate how much you could save by saving different amounts over different timescales. There was some great advice on managing your money."

Leigh Middleton, chief executive of the National Youth Agency, said: "We're delighted to see growing recognition of the importance of young people's financial capability, and we endorse the findings of this report.

"NYA's experience of delivering My Money Now has shown us that smaller employers struggle to offer the support young apprentices need. We often hear about very large employers who invest huge sums into training.