An education project to improve people’s understanding of financial matters is being launched in Dundee.
Money for Life is part of a national campaign supported by Scotland’s Colleges and Bank of Scotland that is targeting college students and community groups.
A survey of further education tutors found that almost all felt their students were finding it harder than ever to cope with their personal finances.
The hope is that the project will help people to take control of their money management a vital skill at any time and especially so during a troubled time for the economy.
Ray Harris, chief executive of Scotland’s Colleges, said, “We work with learners and employers to help meet economic and social needs.
“Through Money for Life, we’ll be working with the college, community and work-based sectors to increase practitioners’ skills and confidence in raising learners’ financial awareness, enhancing their prospects as future employees and entrepreneurs.”
A third of the Scottish tutors polled said that learners were having problems balancing course commitments with outside work and more than a quarter said that students were dropping out of courses due to money worries. Many tutors were not confident they had enough knowledge to advise their students on money management matters, and half said they did not have the resources or support to do so.
Money for Life will seek to equip further and community education practitioners with tailored resources to improve their confidence and knowledge of financial capability and enable them to pass on that knowledge to learners.
A spokesman said, “Through this programme we’re seeking to embed personal money management skills and financial capability in further education and community groups and, by doing so, leave a sustainable impact on the sector. We also want to raise awareness of the importance of money management skills.”
As part of the programme, the Dundee community planning partnership will be holding training workshops on how to run activities on financial issues. Other groups across the country will be producing DVDs about budgeting and carrying out coaching and mentoring.
Bank of Scotland is contributing £4 million to the two-year project, which will also offer a recognised qualification in financial capability.
Spokeswoman Susan Rice said, “Whether it’s a young person just out of school or an adult who’s returning to education, Money for Life will provide vital money management skills in the short-term and help those who benefit from the initiative to plan for their futures.”