Financial planning training helps young people's budgeting skills
Joe Lepper
Friday, September 13, 2013
Peer-to-peer money and financial advice can avert debt and encourage saving among young people, according to the latest evaluation of a course run by a high street bank and youth work charities.
The Barclays Money Skills programme, which the bank runs in partnership with the National Youth Agency and Action for Children, found that 76 per cent of those who took part saved at least £5 a month, compared to just 24 per cent before they started the sessions.
In addition, 71.4 per cent of the 16- to 25-year-olds who took part said they had started budgeting more effectively.
The evaluation, carried out by the University of Bristol, found 2,806 young people had been recruited as trainers and 71,252 young people have undertaken the training since its launch two years ago.
The course looks at budgeting, monthly spending, interest rate payments and financial terms and conditions, and warns against the dangers of loan sharks.
Other charities involved in running the courses are UK Youth, Rathbone UK, Youth Access and Citizens Advice.
National Youth Agency chief executive Fiona Blacke said: “The programme’s success lies in the fact that all the partners understand well the empowering impact of young people as peer educators. Neet young people face many challenges, but this programme shows that they also display motivation, focus and an appreciation of the importance of financial capability.
“Throughout, we have seen the power of young people’s ability to develop their own learning and share this with others.”
Action for Children chief executive Dame Clare Tickell added: “The programme has given those who use our services a chance to make their money go further, be equipped to cope with future money problems, and provide themselves and their children with a brighter and happier future.”
