College Launches Barclays Money Skill Week To Boost Student Money Management
Sat, 16/06/2001 - 01:00
Students, from East Durham College, are again this year being given the chance to improve their financial skills, as part of Barclays Money Skills ‘weeks’, a national money management programme that's aiming to reach 125,000 students nationwide.
Recent research* from Barclays shows why additional support is needed to help young people to manage their money:
- 36% of young people say they regularly run out of money
- 28% state that they do not discuss financial matters with family, friends or other students
- Many young people felt they faced various barriers to saving, such as high living costs, a poor grasp of maths and lack of financial knowledge
- Many of those surveyed felt they were given very little financial advice from their school or college, with very few students being taught financial advice from an educational institution.
Barclays and the National Skills Academy for Financial Services have developed a week-long series of money related activities to provide students with an awareness of money management issues and give them the tools they need to stay in control of their budget. Students will participate in entertaining and informative money management activities based on topics such as food, fashion, and independent living. The activities include structured tutorials, as well as fun, informal lunchtime activities and competitions.
This project forms part of Barclays Money Skills, an industry leading initiative to support one million young people to strengthen their financial skills, delivered by Barclays in partnership with leading UK charities including Action for Children, the National Skills Academy for Financial Services and the National Youth Agency.
Eugene McCrossan, Interim Principal, at East Durham College, said: “It’s fantastic to be able to offer this innovative money management at a time when students are increasingly being put under pressure due to higher cost of day to day living. Good financial decisions are essential in today’s tough economic climate, and by building students’ financial knowledge we are giving them vital skills for the future”.
Chris Hearn, Head of Education for Barclays Corporate, said: “It is critical that young people have the skills they need to manage their money effectively. Barclays and the National Skills Academy for Financial Services are working with further education colleges across the UK to deliver an education programme for young people. Barclays Money Skills ‘weeks’ aims to build students' financial skills, knowledge and confidence, and help them prepare for a secure financial future.”
Sylvia Perrins, CEO at the Skills Academy said “The rising costs of education means that students today have more to consider than others previously. Not only this, continued instability in the job market together with the tough economic climate creates the need to help and support students when it comes to understanding their finances. Barclays Money Skills ‘weeks’ is a proven way of providing this support, with a staggering 83 per cent of students that participated in last year’s sessions saying that they now feel better equipped to manage their money.”
Last year 132 colleges took part in the first Barclays Money Skills ‘week’, with over 97,000 college students benefiting nationally. Following the tutorials, nine out of ten of those that participated had a greater awareness of how easy it is to get into debt and 85% were more likely to take control of their money as a result. Additionally, there was a 77% increase in the number of participants who knew where to go for financial advice. When surveyed a month later, six out of ten of the students had taken identifiable steps to economise or budget more effectively**.
Barclays and the National Skills Academy for Financial Services are working in partnership to deliver Barclays Money Skills ‘weeks’ to students across the UK.
*Building Money Management in Young People, Barclays commissioned research from the Social Market Foundation, March 2011.
**Interim Report, National Skills Academy for Financial Service and Barclays Money Skills, June 2011.