Following 2012 success, Barclays Money Skills in FE gives students the opportunity to improve financial skills
Students from Weymouth College are being given the opportunity to improve their financial skills, knowledge and confidence as part of Barclays Money Skills, a money management programme running from 18th-28th March.
Barclays and the National Skills Academy for Financial Services are working in partnership to develop a week-long series of money related activities to provide students with the tools they need to stay in control of their budget. In 2012, over 100,000 students participated in interactive money management activities based on topics of interest to young people such as food, fashion and independent living.
Students that participated in 2012 demonstrated clear improvements in their money management skills, such improved budgeting skills and adapted their budgeting behaviour when prompted with a variety of financial scenarios.
The third year of this successful programme aims to provide 200 colleges nationwide with the resources and support to run a week of money management related activities between February and May 2013.
Sue Dafter,Tutorial and Student Services Managerat Weymouth Collegesaid: “It’s fantastic to be able to offer this innovative money management at a time when students are increasingly being put under pressure due to higher cost of day to dayliving. Good financial decisions are essential in today’s tough economic climate, and by building students’ financialknowledge we are giving them vital skills for the future”.
Sport’s Lecturer, Tom Priest led a nutrition session in his class, last year where students had to guess the difference in taste, nutritional value and cost between Aldi Jaffa Cakes and Mcvities Jaffa Cakes.
Another challenge, as part of the sport lecture, was to complete the ‘Basket Challenge’. This required students to compare the difference in pounds and pence between branded and unbranded products. Half of the group had to put together products to create a meal out of the branded basket and the other half had to do vice versa with the unbranded products. They then needed to estimate nutritional value and most importantly; the difference in price between the branded and unbranded products.
Chris Hearn, Head of Education at Barclays, said: “Building on the success of the programme last year, we’re determined to help young people develop the skills they need in later life to manage money effectively. For young people living in the UK it has never been more important to learn these skills with the rising cost of university tuition and increased living costs. We are proud to be part of a scheme which gives young people the skills they need for a secure financial future”
Sylvia Perrins, CEO at the Skills Academy said “We’re looking forward to delivering the programme again. Last year there were clear improvements in the students’ money management skills, with those participating in the intensive tutorial aspect of the project demonstrating strong budgeting skills. It’s incredibly important to equip students with these life skills because it will help them take charge of their future and develop their confidence.”
Barclays Money Skills in FE colleges is run in partnership with The National Skills Academy for Financial Services, alongside Scotland’s Colleges, Colleges Wales and the Educational Guidance Service for Adults, in Northern Ireland.
For further information about what’s involved in the programme please visit: www.barclaysmoneyskills.com/weeks
