More than 500 students at Bedford College took part in Barclay's Money Skills 'week' from 7-11 March, building on their financial knowledge, skills and confidence. The initiative is designed to give students an awareness of money management issues and provide them with the tools they need to stay in control of their budget.
Barclays and the National Skills Academy for Financial Services (NSAFS) worked in partnership to deliver the learning week across the UK and were seeking to strengthen the money management skills of over 90,000 students across 150 FE colleges nationwide. Barclays employeesvolunteered their time and expertise to help colleges with the planning and delivery of activities.
Recent research commissioned by Barclays has highlighted that young adults face significant challenges when managing their money, at a time when they are likely to be entering financial independence and needing to stretch their constrained incomes to meet their day to day needs. More than a third (36 per cent) run out of money regularly, with a further 27 per cent of unemployed young people saying they are always running out of money.
At Bedford College workshop sessions gave students an insight into personal money management, including an interactive workshop session with Barrie Stanisstreet, Enterprise Development Manager of Business Link, where carpentry students learnt about business start up (pictured above).
Blind tastings of food ranges from the most expensive to value ranges gave students the chance to find out about choice and value. With prices seven times the cost between brands, students could taste for themselves the real value of food, with the cheapest often proving the favourite.
Students took part in a range of activities including a national competition for Money Skills 'week' where students compete to come up with the best money saving tip. The winner will take part in regional and national heats with the final awards ceremony to be held at Canary Wharf and offering work experience to winning students.
Student Finance Manager at Bedford College, Emma Hearn, explained
“We are delighted to be working with the Barclays and NSAFS as a way of getting important money management messages across to our students in Money Skills 'week'. We advise students on a daily basis on all aspects of finance so they are able to budget for college, university or work life. During Barclays Money Skills 'week' we covered topics such as budgeting, saving and spending; and offered practical guidance on what to do when something goes wrong. Making good financial decisions is an essential life skill, and by building students' financial skills we are empowering them to reach their goals.”
Michelle Smith, Head of Consumer and Community Affairs at Barclays, said “We know from our research that young people face a particularly challenging set of circumstances, and need all the help they can get to manage their money effectively. We're investing £15m over three years in projects such as Barclays Money Skills 'weeks' and are working to support one million people to build their financial skills, knowledge and confidence.”
Sylvia Perrins, CEO at the Skills Academy said “Rising costs, lack of funds and the continued instability in the job market serves as a poignant reminder that the financial decisions students make are of utmost importance. Through our fun activities and learning sessions we hope that students will gain a better understanding of budgeting and an increased awareness of financial issues and products. This will guide them when making financial decisions which affect their future.”
