This entry is shortlisted in the 2012 Peer Award “Financial Awareness for the Community” category

ref: 12-038

Money for Life – Helping UK Communities with Money Management
making Britain financially capable – a sustainable, public and private sector partnership

“Money for Life” is a personal money skills programme, targeted at adult learners in UK communities. We are providing Teach Me and Teach Others, two accredited, financial education qualifications – to give teachers and community workers the skills they need to talk confidently to their learners about money management, and to support them to make the right decisions.
We are also empowering young people to develop innovative, grass-roots money management solutions through the Money for Life Challenge. This national competition provides grants for 16-24 year olds to run a money management project to improve financial literacy in their communities.

We’re reaching into the heart of communities to improve financial literacy.
The stats.: Upon completion of Teach Me and Teach Others, those agreeing that they can assess adults’ financial skills, knowledge and understanding rose from 20% to 89%; those agreeing that they know a range of methods for developing adult financial capability rose from 20% to 92%.
Doreen, Tutor at Hope Community centre, Bradford: “In areas where I had little understanding and confidence I had adopted the principle “if in doubt do nowt”. Now I don t have to be in doubt, I can just go check it out!”

We’re not providing the fish, we’re giving people the skills to fish for themselves.
We believe the best way to reach learners is through people they know and trust. But these trusted intermediaries lacked the confidence to teach about money. We are tackling this problem giving teachers and community workers both the fishing rod and the confidence to use it.
1400 people are now qualified to teach financial capability, and are delivering sessions to 10,000+ learners. They ll be making an impact on their communities for years to come. The programme has embedded financial capability at a grass roots level.[/one_half_last]

The courses were originally designed for teachers in further education, but we quickly realised that there was a greater need in community organisations. By adapting our admissions criteria, we enabled both paid employees and volunteers to apply for the training, opening it to housing associations, charities, prisons, local authorities and training organisations.
This has enabled us to engage traditionally hard to reach groups and equip people working with the most challenging audiences.
In future we’ll consult with a wider range of organisations to make sure the training delivers exactly what they need.

Managing money is not just about making smart investments.
Becoming financially capable can be life changing. It can improve your mental health or your diet, encourage you to give up smoking, to tear up the store card, and improve your confidence. It can empower you to be in control of your destiny. This isn’t rhetoric, it’s what learners who have benefited from this programme have told us.
We believe that in an ever more complex financial world, financial capability is a key life skill, and we are helping adult learners across the UK acquire that skill.[/one_half_last]

The Speaker

Sarah Porretta, Head of the Money for Life programme