Money management for work-based learners

In partnership with Scotland’s Colleges

Focus group members

The Making Money Work project – Dundee, Highland Workers Educational Association, Skills Development Scotland

Aim

To support people within the workplace, and those who are moving into work, to become more financially capable.

Background

The Making Money Work project’s clients are often people who have been away from the job market for a long time. They are offered support as they return to work or training. Project members also work with Dundee College with learners who are moving into the workplace, as well as a range of other learning and training providers across the city.

Action

At Making Money Work , existing group sessions attended by learners, were customised to focus on personal finance and related issues. A one-to-one consultation also provided money guidance and assistance to individuals, including advising them on access to specialist services able to support their specific needs.

Resources were developed to support the delivery of key areas of financial capability including budgeting, paying bills, dealing with debt, opening and managing a bank account, how to understand a payslip and understanding savings and insurance.

Outcome

A guide for tutors has been produced to highlight key areas for employees. Personal finance topics are broken down into specific areas that can be considered individually or as a whole. This allows maximum use and flexibility, depending on who the learners are and what the specific learning environment is.

The main sections of the guide are:

My Money – a financial health check to help learners determine a starting point of where they are in their own circumstances and to help them set money management goals.
Money In – wages, in-work and other benefits, potential for additional income.
Money Out – household budgeting, debt, savings.

Once they have completed testing all of the resources, Making Money Work intend to integrate them into their standard business. This will reach approximately 50 new learners a month.

Testimonial

Dot Laurie, project co-ordinator, Making Money Work , Dundee
“Issues like debt or lack of a bank account can be barriers to employment. It’s important that our client groups get every support to help them not only move into work, but sustain their employment.

The group has introduced us to a range of other agencies, so we can engage with partnership work, or client referrals, more effectively.”