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As the world of personal finance becomes more sophisticated, and the pace of economic, social and demographic change increases, it becomes more important for adults (and in particular those in learning or about to return to learning) to engage with financial services with skill and assurance. The Financial Services Authority (FSA) has however identified low levels of financial capability across the UK. There are, in particular, widespread weaknesses in planning ahead and choosing financial products.
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The Financial Capability Support Programme is:
A major new financial capability support programme for leaders, managers, practitioners and learners in the learning and skills sector in the UK.- Launched by the Learning and Skills Improvement Service (LSIS).
- Funded by Lloyds Banking Group, and sponsored by Lloyds TSB in England, Wales and Northern Ireland.
- Offers support to further education colleges, adult and community learning, work-based learning, offender learning, and voluntary and community sector providers.
Aims of the programme:
To ensure that providers engaged with the programme are well placed to support their learners to be better able to manage their money, keep track of their finances, plan ahead, make informed decisions about financial products and stay up to date about financial matters.
The Be Smart With Money website:
- For learners and potential learners who want to learn about how to be more effective with personal finance.
- Easy to use, with sections that cover everyday challenges that learners face.
- A gateway to existing web materials, advice and support that at the moment can be difficult to find and make sense of from just a search engine.
- All content and links will have been reviewed to ensure the best possible ease of use.
The Financial Capability Support Programme section of the LSIS Excellence Gateway:
- Practitioner and provider orientated web space.
- Will provide regularly updated information during the life of the programme and be a permanent source of information for anyone who supports learners as part of their professional practice.
- The web area will host the .pdf Effective Practice Group good practice guides (and associated Word and Powerpoint documents) and Whole Area Approach case study reports.
- Sign up for a regular e-newsletter.
Effective Practice Groups:
- UK wide action research initiative
- Open application
- Around 120 providers undertaking individual action research projects and working together in small groups of about 6 as communities of practice – Northern Ireland 2 EPGs
- Following successful application, funding will be available for action research projects
- Effective Practice Groups will get facilitator support throughout the process
- Funding for each provider will be up to £5,000. Therefore, an EPG with 6 providers would receive up to £30,000 between them
For more information for please contact Paulette Lennon or Kevin Donaghy on T: 028 9024 4274 or E: fcsp@egsa.org.uk
Whole Area Approach case studies:
- The Whole Area Approach is also a UK wide initiative.
- Will define evidence-based examples of good practice.
- Support and funding to adopt an action research approach to the implementation, recording and writing up of findings and activities.
- 20 local government areas will be involved - Northern Ireland: Magherafelt and Craigavon.
- Wide range of geographical and organisational difference will be ensured.
Tailored support:
- Each country has identified an area of focus that is a key strategic priority requiring additional programme provision.
- These are different for each of the countries.
- Northern Ireland - events for adult learning practitioners and/or support staff.
Connecting with providers and practitioners:-
In Northern Ireland wider links with practitioners and providers will take place through the existing national policy advisory bodies, e.g. NI Financial Capability Partnership.