Mark launches Barclays Money Skills Programme at Urban Exchange
24 Aug 2009
Mark launched the Preston Barclays Money Skills Programme on Friday 21st August; a new and interactive financial capability initiative developed by Trading Standards in partnership with Barclays.
Young people from the Urban Exchange became experts when they worked with Trading Standards and Barclays on a new financial literacy resource, Barclays Money Skills, aimed at improving money management skills and increasing financial literacy.
Characters such as Arnie the Army Guy, Taran the Business Woman and Steve the Apprentice will be used to show young people from the Urban Exchange how to decide what day to day items should be luxuries and necessities, how to understand bank accounts and bank statements, terminology such as APRs, sort codes and how to understand the impact of credit scoring and credit reports on our lifestyle choices.
Examining the lifestyles of the other characters such as Tania the single mum, Finley the student and Maya the university graduate will help them to identify illegal money lenders – loan sharks - and to avoid getting bitten, using safe borrowing methods such as Credit Unions, and avoid internet phishing scams and other forms of financial fraud, all a common theme in young peoples’ lives today.
All of this forms just one element of Barclays Money Skills, a new financial literacy resource developed by Trading Standards in partnership with Barclays. The initiative aims to bring fun and interactive learning to 16-25 year olds, helping them overcome the hurdles faced by many young people when they begin to engage with the financial sector. Having the skills to navigate the choppy financial seas in the current credit crunch is vital if young people are to develop the confidence to manage their money well and have the knowledge to protect themselves from fraud.
The characters begin life as six cardboard boxes, which teams open and assemble to reveal six characters, with stereotypical lifestyles enabling young people to look at issues such as luxuries and necessities and how these might change over time. Examining bank statements and terminology used, looking at credit scoring and how their lifestyles and activities can be affected by a poor credit rating and consequently their ability to borrow money, helps the young people to get a better grip on the world of money and finance.
Mark said:
“In this economic climate it is more important than ever that today’s young people manage the benefits, responsibilities and risks of making, borrowing and spending money. Barclays Money Skills has been developed at a time when we most need our younger members of society to be confident in money management and to engage confidently with the banking sector. I welcome this initiative which I feel will deliver essential money management skills.”
The Preston Trading Standards team is delighted that the initiative is being rolled out and is confident the project will support the council’s existing work in relation to consumer credit and economic wellbeing.
Jim Potts, Lancashire’s Chief Trading Standards Officer said:
“At Trading Standards we know only too well how poor financial knowledge can impact on consumers lives. We deal with many complaints, and particularly where young people are concerned, those complaints and enquiries tend to relate to inappropriate purchases such as mobile phone contracts they can’t afford, or credit deals they’ve signed up for without realising the implications for the repayments. By educating our younger members of the community and creating better financial awareness, we encourage a market where consumers are in control of their budgets and are financially savvy, able to make informed decisions about their current situation and their future plans.
We all know that better budgeting can help people to avoid problem debt and shopping around for suitable financial products can help us make the most of our income . Barclays Money Skills not only helps young people develop that knowledge, but also builds confidence to take a greater responsibility for their financial affairs and to play a more active role in the financial services market”.
Rachel Herbinson, Barclays’ Community Investment Manager for the North West Region, said:
“At the heart of our Community Investment Programme is the aim to equip young people with the skills and confidence to make the best financial choices and this initiative teaches them how to decipher the world of credit, whilst developing vital life skills such as team working, problem solving and communication, all of which are crucial in the world of employment and training”.
Sapphira Bourne, from The Urban Exchange, where young people will work with the resources, said:
“The Barclays Money Skills workshop will provide our young people with an exciting, engaging way of learning how to keep a track of their finances, choosing financial products and staying informed about financial matters. Our experience shows that financial capability contributes to tackling poverty and reduces financial and social exclusion, and increasing young peoples’ knowledge and understanding will pay long-term dividends in the community. Finding a resource that excites and enthuses young people, whilst keeping them interested in what can be a very dry subject, is a difficult task, but one which has definitely been achieved with Barclays Money Skills. ”