Public and private sectors unite to tackle the financial education gap amongst struggling learners in Further Education and Community Based Learning

The Educational Guidance Service for Adults (EGSA) and Halifax bring together the education and voluntary sectors to share best practice in equipping adult learners with vital money management skills

EGSA and Halifax yesterday hosted ‘Financially Fit Learners’, an event for over 60 delegates from across Northern Ireland at Ulster Folk and Transport Museum, aimed at addressing the gap in money management skills amongst learners in the Further Education (FE) and Community Based Learning (CBL) sectors.  The event was part of Money for Life, a two year, £4 million investment by which aims to create a step change in financial capability for adult learners.

In the context of tough economic times, the event facilitated discussion on why financial capability is so important to the sectors represented, and the vital role that practitioners – including tutors, advice workers and community workers – have to play in equipping their learners with sound money management skills that will be of benefit both to those learners, and to wider society. Speakers showcased a range of practical resources that can be used to engage learners – the output of focus groups conducted throughout Northern Ireland, and the rest of the UK, this year which examined the needs of specific types of learners such as migrant workers and older learners before, during and after access courses.

To demonstrate the programme in action, delegates were shown a money management DVD developed by learners, for learners, in Scotland; an interactive budgeting game called ‘Money Street’ and a presentation on a range of creative ‘hooks’ and ‘motivators’ for engaging learners with financial capability, developed by CollegesWales. One example given was asking learners to do a price comparison of a shopping basket of branded versus non-branded goods. Gasps were heard from the audience as the real prices were shown – the branded goods came to more than five times the price of the equivalent non-branded goods. This was showcased as a very tangible and practical way of illustrating to learners how the choices they make can impact their day-to-day living costs.

The day opened with a high-profile panel discussion focusing on how a financially educated society could contribute to Northern Ireland’s prosperity in the widest sense, and how the private and public sector can work together to reach out to learners through the FE and community learning sector. The panel was chaired by Eleanor Gill, EGSA Board Member, and included Ciaran Helferty, President, NUS/USI; Jim McCooe, Regional Ambassador for Halifax, Northern Ireland; Janine Maher, NI Manager, Money Advice Service, Joan McCool, Essential Skills Coordinator, First Steps Women’s Centre, Trevor Neilands, Director, Northern Regional College, Aodhan O’Donnell, Director of Policy and Education, The Consumer Council Northern Ireland. Eleanor challenged the panel to outline their vision for financial education in Northern Ireland.

In response to this, Jim McCooe said: “there is much talk in Northern Ireland about the reliance of the economy on the public sector. In my mind there is a real appetite for people to better themselves and develop enterprise in Northern Ireland. But a lack of financial education can be a barrier to success – if people don’t have the skills to make the right choices, they are held back. My vision is for it to become an important life skill which enables people to talk openly about financial issues, in the way that it has become more acceptable for people to talk about health issues – this will help us identify and address the gap in people’s financial knowledge.”

Trevor Neilands said “Money for Life has provided a vital resource for us to be able to extend financial education support to our learners – particularly those on access courses. The FE sector is founded on the principal of providing opportunity for all, and we need to ensure that learners can realise their potential by providing them with financial capability – something that I see as an essential skill for all.”

Aodhan O’Donnell said: “in the last economic crisis in the 1980’s we looked to the 25-34 year old age group to pull us out of recession, but research by the Consumer Council has shown the financial decisions that young people are making today will mean that they are becoming one of the most vulnerable age groups in terms of financial stability and may will not be able to fulfill this role. We need to help people make the right choices now so that they can contribute in a meaningful way to Northern Ireland’s future.”