Money for Life Programme
Money for Life is a partnership between Lloyds Banking Group, the Money Advice Service and college sector partners. The programme aims to embed vital money management skills in college and community organisations across the UK.
The programme facilitates the sharing of best practice and provides training and resources to empower practitioners to equip a generation of learners with the skills they need to better manage their money in order to realise their lifetime goals.
Working in partnership
In Scotland, Bank of Scotland and College Development Network are working together to promote and support financial capability. The programme aims to:
Raise awareness of the importance of money management and illustrate how good money management can improve wellbeing
Deliver a sustainable solution by providing training and support to a wide range of community organisations to enable them to embed financial education into their services
Empower communities to help themselves by providing the tools for organisations and individuals to address local money management issues.
Money for Life provides the training resources to enable those interested in financial capability training for colleges and community organisations to gain accredited qualifications in Adult Financial Capability, called Teach Me, Teach Others and Money Mentors. All three qualifications are accredited by the Open College Network and levelled on the SCQF in Scotland.
Money for Life aims to deliver vital financial capability learning where it is needed most. It will equip practitioners across the UK with tailored resources to improve their confidence and knowledge of financial capability and enable them to pass on that knowledge to learners. Find out more about the qualifications.
Teach Others and Money Mentors are delivered in Scotland by a team from College Development Network in Stirling. For further information please contact, in the first instance, Marian McMorland or telephone: 01786 892010. If Marian isn't available please ask to speak to Ann Kirkwood or Colin Buchanan.
In 2012, Money for Life identified and addressed barriers to financial capability learning via a series of Focus Groups across the UK, which brought together experts to examine the financial capability needs of distinct learner groups.
In Scotland colleges supported the development of the following resources.
Money for LiFE Challenge
For learners aged between 16 and 24 years, there is the Money for LiFE Challenge.
Congratulations to the team from James Watt College who won the Scottish heats and were runners up in this year's Grand Final held in London with their JWCMoney1 project. View photos from the 2012/13 Money for Life Challenge Grand Final on Facebook.
Here’s what last year’s grand final runners up sponsor (from James Watt College) had to say: 'The Money for Life Challenge provided an invaluable experience to the team. Teamwork, confidence, motivation and financial awareness are only a few of the key life skills gained over the course of this project. In an academic, moral and social sense, this activity has proved to be a defining moment for all those involved.'
And the project team from James Watt College said: 'Without the Money for Life Challenge my confidence would not have grown. It gave me the experience I need to drive forward to make my ambitions and goals a reality. With hard work and effort I can make anything possible and that’s all thanks to the Money for Life Challenge.' James Watt Team
And another college has said: 'We have found the whole Money for Life Challenge and the associated support [from College Development Network] to be of enormous benefit to our learners this year. It is in fact difficult to overstate just how valuable the experience has been for those involved in the project. The confidence they have gained from the experience will stand them in great stead for whatever future they chose to pursue.'
View some videos of the previous projects below:
Applications for the 2013/14 Money for Life Challenge opened at the beginning of September 2013.