8 Mar 2010

NSAFS promotes personal money management training during Money Week

Independent education charity, the National Skills Academy Financial Services (NSAFS), is promoting financial literacy and money management skills during ‘Money Week’ at further education colleges (FE) across England.

A series of fun, targeted events across 75 FE colleges will run during Money Week, which launches from 8 – 12 March, helping highlight the importance of assisting young people in becoming more ‘money-minded’.

Money Week forms part of ‘Money for LiFE’, the further education project of the Financial Services Authority’s (FSA) National Strategy for Financial Capability. NSAFS manages and delivers the programme across England, aiming to enhance the financial capability of over 30,000 during this academic year.

‘Money Week’ will include events such as budget menu competitions, how to ‘dress for less’, with a fashion show of outfits all made for £10 as well as details on how to make savings on transport, healthy eating and running a car. Learners can also become involved by attending more financially focused activities including targeted talks and tutorials focusing on understanding and resolving financial difficulties, sessions with local bank representatives or making a ‘money pledge’ – a commitment to managing their money better.

Sylvia Perrins, CEO, NSAFS said: “Money Week is a great opportunity to raise awareness of and help develop the financial capability of young people in the UK. Our education establishments play a fundamental role in shaping the future and the work being done to support the development of a more ‘money-minded’ nation is commendable.

“The ongoing challenges in our current economic climate serve as a poignant reminder that the financial decisions we make, personally and nationally, are of utmost importance. Personal finance is a key skill which we believe should be taught from a young age to assist, maintain and strengthen the development of our financial services industry.”

Read more about Money Week.

The National Skills Academy for Financial Services offers national centres of excellence in education, skills training and development, working in partnership with employers to develop a workforce with the knowledge and skills they need to help service their customers’ financial needs.

Since launch in May 2007, NSAFS network has grown from four to over 20 training providers that are now located in seven regions. For more information, visit: www.nsafs.co.uk

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For further information about colleges taking part in activities, please contact:
Sarah Evans-Toyne, Joanne McGilway or Saira Khan (Broadgate Mainland) 020 7726 6111 or email nsafs@broadgatemainland.com

Notes to Editors:

1. The National Skills Academy for Financial Services is a registered charity which was created with the express purpose of delivering world-class education and training aligned with employer needs in the financial services industry to people of all age groups and learning backgrounds, helping them to prepare for and develop financial services careers. 2. Money for LiFE is the further education project of the Financial Services Authority’s National Strategy for Financial Capability. NSAFS runs and delivers the project in England and aims to enhance the financial capability of over 30,000 learners in the 2009/10 academic year.

There are a number of phases to this work:

• Phase 1, during induction week, 16 colleges, nine from the NSAFS network of colleges cover themes including awareness and rights and responsibilities on financial matters. • Phase 2, between October 2009 and January 2010, extended to 48 colleges. The theme of this phase is helping learners to recognise the signs of financial difficulty and take action. At the end of this phase, learners are asked to enter a prize draw by taking a ‘money pledge’ to improve their financial wellbeing.

• Phase 3 will be a ‘Money Week’ in March 2010. Target participation is 75 colleges and five other training providers across England. www.fsa.gov.uk/financial_capability/further_education/ 3: Further details on the FSA’s guide for colleges during Money Week, including their network partners across Scotland, Wales and Northern Ireland can be found in the FSA’s College Money Week- Your Guide