Building skills and confidence
Our financial skills work equips people with the skills and confidence to make informed financial choices. We improve the financial skills of a range of people - from school children to prisoners and new parents. We also equip front-line workers, such as youth workers, with the skills to help their clients manage their money.
Bureaux make a direct and positive difference to participants’ lives. This was the conclusion of an independent evaluation of the first and pilot phase of Financial Skills for Life (FSfL), undertaken by ECOTEC Research and Consulting last year. Participants in the pilot bureaux’ sessions:
- were better equipped to head off potential debt problems
- showed a greater understanding of budgeting and saving strategies
- had a better awareness of government entitlements and sources of help, improving their access to housing and training opportunities
- were more willing to try new financial services.
Participant, North Liverpool CAB
"I feel more confident to keep within my budget for my flat."
Longer term benefits were also achieved. Participants surveyed some months afterwards had changed their patterns of behaviour and enjoyed improved economic well being. Almost all had improved their savings position. They had:
- kept to budgeting plans
- continued to take effective measures to avoid debt
- felt empowered to avoid poor deals, exploitative lending practices and excessive borrowing.
Participant, East London Financial Inclusion Unit, 2006
"I never realised how high the interest rate is on most store cards and how expensive it makes using a card to buy clothes."
Interim analysis of participant feedback from the current phase of Financial Skills for Life is also positive. Participants consistently report they feel better equipped, following training, to make decisions across a range of money matters such as choosing a bank account and borrowing. A full, independent evaluation has been commissioned through  NIACE:
What other participants say
"If I get approached by sales people I will know what to ask/say."
"I’ll think more about what I sign and the contract’s small print first."
"Very good, well presented, well explained; the APR rates (were useful) if I ever get a loan."
"I think I’ve benefited a lot from this. At first, when I was getting EMA (educational maintenance allowance),I was getting it and straightaway spending it. It’d be gone within half an hour. But now I’m making it last. When the summer started, I got a job. I was getting some wages, and I made them last a full week."
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