Learning money management through outreach centres
In partnership with the National Skills Academy for Financial Services
Focus group members
Milton Keynes College, North Herts College, Working Men’s College.
Aim
To identify how Money for Life can help learners at outreach centres improve their knowledge of financial products and services, and how they can find ways to effectively manage limited incomes.
Background
Outreach centres are run by colleges to share learning in their community where the learners either will not or cannot come to the main college campus. The learners are mostly over 21 and can range from unemployed young mums to long-term unemployed men over 50.
Many learners attending outreach centres have literacy, English language or numeracy skills needs. Often unwaged and without regular employment, they struggle with balancing budgets. Money worries are a frequent problem, and can lead to depression and ill health. Denial about debt, or a reluctance to talk about it, is another common issue.
Action
The three focus group members trialled various methods of engaging control groups of learners on the subject of financial capability, assessing their potential for use in diverse outreach settings, then reporting back on which topics worked best, and the methods and learning approaches that were most effective.
Outcome
The comments and findings of the teaching and learning reports gathered during the trials showed that learners lacked confidence in their money management skills and did not understand financial terminology. The Money for Life programme helped by showing ways that they can take better control of their finances. It helped them develop awareness of money difficulties and understanding of the scope and nature of financial challenges. Especially beneficial were open group discussion opportunities, giving learners a chance to express the impact that money problems have on their lives and families.
Some focus group members successfully tested the use of guest speakers, such as representatives from a local credit union, to give practical advice. This was popular with learners, showing there is scope for people with financial expertise to volunteer at outreach centres as part of Money for Life.
The focus group’s findings have been used to create a How To Guide…Outreach to improve Money for Life teaching at outreach centres. It covers facts about the level of financial capability in the UK, teaching and learning methods, activities and resources. It will help college tutors to see what has worked well with particular client groups to develop financial capability knowledge and skills, and how similar approaches can be used in their own colleges.
Testimonial
Mo, learner
“The programme helped me face things like knowing exactly how much I had to pay out each week or month and how much disposable income I had. We used jars to separate out the things that have to be paid monthly, like bills, and what was left after that. Before, I had been in denial and didn’t even know what my bills were each week. I didn’t used to open my post…I wasn’t sleeping and was afraid to open the door in case it was the bailiffs. This programme woke me up to facing my problems and getting back on track.”
