Lloyds Banking Group today announced Money for Life, an ambitious new programme designed to embed vital money management skills training in the FE sector.
Money for Life is an important initiative, both for the banking industry and the FE sector, which has not historically attracted the levels of private sector investment seen in other education sectors. The FE sector reaches learners of all ages, including some of the most disadvantaged people in society who face a number of difficult, money-related challenges. Money for Life means that FE practitioners across the country will be able to access financial capability training and support, which will ultimately benefit their learners. The scheme will also equip students to manage their finances and plan their own enterprises.
Lloyds Banking Group’s Managing Director, Customer Experience and Financial Inclusion Champion, Graham Lindsay said: “We know first-hand from our interaction with our customers the importance of personal money management skills. We are committed to working with our Money for Life partners to draw on this experience to make an important contribution to the financial capability of the wide range of learners in the further education sector: from those taking a second chance at education to young people who may shortly be running their own businesses.”
Sylvia Perrins, Chief Executive Officer of the National Skills Academy for Financial Services adds: “With over 3 million people learning at further education colleges each year it is an ideal place to reach out and improve financial skills. Working with practitioners to embed learning into areas of the curriculum and providing training to support staff will help to achieve our aim of more confidence and capability in money management.”
Money for Life will enable FE practitioners to gain an accredited qualification in personal money management which will equip them to provide financial education to FE learners for many years to come. The programme will also bring together sector experts in a series of focus groups across the UK to identify and address barriers to financial capability. They will examine the needs of distinct learner groups such as those with learning difficulties, young parents and apprentices and develop tailored financial education solutions.
Lloyds Banking Group is also keen to explore how their 100,000 employees can add value to Money for Life and is working with Toynbee Hall to develop a tailored programme to train Lloyds Banking Group employees alongside FE learners to deliver financial capability workshops.
The programme will be delivered via a unique partnership taking place over the next two years with the Consumer Financial Education Body (CFEB) and FE sector partners operating in the four nations of the UK, each of whom will work together to promote and support financial capability training within their regions. Those organisations are the National Skills Academy for Financial Services (England), Scotland’s Colleges, Colleges Wales, the National Training Federation for Wales and the Educational Guidance Service for Adults (Northern Ireland).
Tony Hobman, Chief Executive, Consumer Financial Education Body added: “We recognise the need for FE learners of all ages and from all walks of life to acquire sound financial management as they complete their studies or training. Skilled and confident practitioners - trained to engage learners in personal finance issues - are crucial in helping to build the sector's capacity to embed such education and support into day-to-day provision. We look forward to supporting Lloyds Banking Group and its sector partners as they build on our original work to develop sustainable models of good practice to benefit FE learners and practitioners for years to come.”
