Skill Build apprentices and financial capability

In partnership with the National Training Federation for Wales

Focus group members

Myrick Training Services, Neath Port Talbot College, North Wales Training, TSW Training.

Aim

To improve the curriculum to include financial management training that meets the needs of Skill Build learners.

Background

Skill Build is a work-based learning initiative funded by the Welsh Assembly Government. Students split their time between work placements and college, where they work towards vocational qualifications.

While most learners had some basic financial knowledge, many did not understand the long-term impacts of poor money management, including the effect on credit scoring. The focus group found that training organisations are keen to learn how they can better meet their learners’ needs in this area, developing resources that can become an integral part of Skill Build programmes.

Action

The focus group members carried out questionnaire surveys among apprenticeship trainees. The results helped them to develop induction and tutorial sessions that addressed the main themes that emerged, such as interest and debt management. These topics were also covered in regular meetings with learning coaches.

Outcome

Apprentices who have money management included as part of their training will be better able to control their finances and will be less likely to quit learning programmes early because of financial pressures.

Many Skill Build learners struggle with modest incomes, especially if they live away from home or have family commitments. Raising awareness, especially of preventive measures and sources of financial help, can be of significant benefit to learners struggling to complete their courses with limited budgets.

The focus group shows there is a need for further work in this area, and to make money management an essential part of work-based learning.

Testimonials

Jason, Skill Build learner
“I am on a low income and with everything going up in price my budget is getting even tighter. I completed a money management module as part of my work skills qualification. It has helped me improve my knowledge and understanding of money matters, especially concerning savings.”

Kayleigh Callaghan, Skill Build learner
“Money for Life has helped me save and clear my debts.”