• Team from Pulse 98.4FM Invited to UK Grand Final of Bank of Scotland’s Money for Life Challenge in London - 21 May 2012 (184.49 kB)
• Team from Reid Kerr College win through to UK Grand Final of Bank of Scotland’s Money for Life Challenge in London - 21 May 2012 (186.21 kB)

The new money management qualifications from the Money for Life Programme have met with an enthusiastic response from FE practitioners and community organisations alike, with over 1000 applications across the UK, with almost 400 of those from Scotland. The first certificates are being posted out to successful delegates this week and the map of Scotland shows how wide the uptake is for success in Teach Others.

To date, 122 delegates have participated in the workshops for Teach Others and 98 people have started the Teach Me course. Full funding was available from Money for Life for both awards which enable delegates to equip their learners with vital money management skills.

Helen Cormack, Advisor - Next Practice, Scotland’s Colleges said, 'In the current economic climate, there have been cuts to the college and third sector funding, discretionary grants and EMAs, and at the same time, learners are facing a changing welfare system.  It’s tougher than ever for learners to manage their personal finances, with too many abandoning their courses.'

The Money for Life programme partners include the National Skills Academy for Financial Services, CollegesWales, National Training Federation for Wales, Scotland’s Colleges, Educational Guidance Service for Adults (EGSA) and Toynbee Hall. View further information on Teach Me, Teach Others.

A showcase event for the Money for Life Programme took place on 01 June 2011 at Our Dynamic Earth to discuss why financial capability is important to learners, teachers and the wider practitioner audience. It presented ways of supporting learners to become financially capable. Aimed at senior managers with a strategic responsibility for supporting learners; tutors, practitioners and those in student support roles in the further education, adult learning and community learning sector whose role encompasses discussing financial aspects of people’s lives it has been declared a resounding success.

The event was hosted by Scotland’s Colleges and supported by Bank of Scotland’s Money for Life programme - a £4 million financial capability and personal money skills programme, targeted at the Further Education, Adult and Community Learning sector. The Money for Life programme provides practitioners, community and support workers with the skills they need to talk confidently about money management, and to support their learners to stay out of debt and save for the future.

This year Money for Life ran a series of focus group across the UK which brought together experts to identify and address barriers to financial capability, and develop resources to overcome those barriers. In addition, it funded the development of two financial capability training resources leading to accredited qualifications.

At the event we shared the outputs of these two strands of work and presented our plans for Year 2 of the programme, which will include the roll-out of the two accredited qualifications which will be available free-of-charge to the adult learning and community sector across Scotland in 2011-12 (See next week’s update).

The day featured a high profile panel discussion. Research in the Higher Education sector suggests that financial capability can have a direct impact on student wellbeing. The panel discussed the case for the Further Education, Adult and Community Learning Sector, the positive impacts of ensuring that students are financially fit and how can we work together to better support learners.

Panel members included:

•    Susan Rice CBE, Managing Director Scotland, Lloyds Banking Group

•    Jennifer Cadiz, Depute President, National Union of Students

•    Louise Macdonald, Chief Executive, Young Scot

•    Alan Sherry, Principal, John Wheatley College

The day was be hosted by broadcaster and educator, Heather Reid OBE.

View photos from the event