Volunteering as a money mentor
In partnership with Scotland’s Colleges
Focus group members
Aberdeen College, Angus College, Inverness College.
Aim
To explore the potential to recruit and train volunteer students so they can help their peers with financial capability issues.
Background
While college guidance staff have previously supplied financial management information, it was felt that many students underestimated its importance. The focus group members decided to investigate whether a peer-to-peer approach would enable a greater number of students to be engaged in order to improve their financial capability.
Action
The three focus group members began by issuing 800 questionnaires to find out their learners’ awareness and understanding of managing finances. It was clear from the responses that many students have financial issues and difficulties, many of which could be avoided if money management was communicated in a more appealing way.
The focus group identified that students would be effective as mentors for their peers. Each college recruited a group of student volunteers willing to act as the first money mentors and work alongside guidance staff to support others to manage their money more effectively.
Outcome
The experience allowed focus group staff to generate training materials that are consistent across the three colleges. Topics covered included: sources of funding, opening and managing a bank account, budgeting, borrowing and saving.
The focus group has proved that peer support is a successful strategy for colleges, and can help promote financial capability where there are limited resources. The successful trials of volunteer students working alongside guidance staff is resulting in further recruitment of volunteers for the next academic year.
Guidance is also being produced for practitioners at colleges and educational centres who have an interest in pursuing a similar volunteer model for enhancing learners’ financial capability.
Testimonials
Claire Kilburn-Young, Student Services Officer, Inverness College
“Debt is increasing among students and needs tackling speedily by colleges. We hope our peer support money mentor programme, run in partnership with our student body, will especially help those students that might previously have quit courses because of financial constraints.”
Susan Betty, Head of Learners Services at Aberdeen College
“We have been able to target more effectively the limited resources for promoting financial capability to learners.”
