![Skip to main content [Access key M]](/prudential-plc/images/spacer.gif){kind=small}
|
|
CR News and Case StudiesFinancial skills programme helps tackle financial exclusion03 Jul 2006 A report from Citizens Advice highlights both the success and the need for expansion of financial skills training amongst vulnerable groups. The report, Financial Skills for Life, shows that projects run by Citizens Advice bureaux have significantly improved people’s ability to budget and save, with Prudential as the key funding partner. The problem-solving national charity has run nine pilot schemes since 2002 as part of its Financial Skills for Life programme, targeting ‘hard to reach’ client groups such as young parents, care leavers, mental health service users and refugees and asylum seekers. Over 6,000 people have benefited from the original pilot schemes, and now around eighty bureaux are providing some form of financial capability work, helping people to budget, save and borrow within their means. The report includes key findings from the first independent assessment of the projects, conducted by ECOTEC Research and Consulting Ltd. It shows that clients impacted by the nine pilot projects displayed greater confidence around personal finance, resulting in reduced financial exclusion. Clients said they:
The report is published to coincide with a parliamentary reception for the APPG on debt and finance on Wednesday 5th July in the House of Commons on the theme of financial inclusion. Chair of the group Mark Lazarowicz MP commented; “I welcome the fact that the Government have made a real commitment to reach marginalised and socially excluded groups, and it is essential that as part of that work we ensure people are not financially excluded. The Financial Skills for Life Programme delivered by Citizens Advice has demonstrated its effectiveness in doing just that.” Longer term benefits of the pilot schemes were evident when participants were surveyed some months later. Many reported that they had changed their patterns of behaviour and were in better economic circumstances. Almost all had improved their savings position, were keeping to budgeting plans, taking effective measures to avoid debt and felt empowered to avoid poor deals, exploitative lending practices and excessive borrowing. David Harker, Chief Executive of Citizens Advice said, “The Prudential-funded Financial Skills for Life programme has been central to the success of the bureaux working in this area already. The vision of Citizens Advice is that by 2010 every advice bureau in England and Wales will be able to offer a financial capability service. Working with local partners bureaux can improve the lives of hundreds of thousands of people, especially those facing financial and social exclusion. “ Citizen Advice is one of the largest voluntary organisations in the UK and the largest provider of free money advice. Nearly 450 bureaux dealt with over 1.25 million debt-related issues last year, which accounted for 1 in 5 of all enquiries. Sir David Clementi, Chairman of Prudential Plc, key funding partner, commented: “Many people have poor financial skills and it is in everyone’s interest that consumers are well informed and confident about making major financial decisions. Prudential is delighted to be the key partner in the Financial Skills for Life programme. We can take real encouragement from what has already been achieved and look forward to our continuing partnership with Citizens Advice over the next few years.” Case study North Liverpool CAB has run sessions for Sure Start ‘community parents’, who act as a link between local parents, often young single mothers, and local services that are available to them. Peter Tyson, CAB Financial Skills Trainer says, “We’ve run sessions looking at debt awareness and how to spot when their clients might be getting into difficulties. The course increases their confidence in knowing what steps to suggest to the client so they can get a grip on the situation before it gets out of hand.” The Financial Skills for Life programme is continuing with Prudential support being enhanced by significant additional funding by Friends Provident Foundation and Abbey Charitable Trust For more information contact: Notes to editors:
|
