A further one million young and disadvantaged people to improve their Money Skills with Barclays in 2013

06 Feb 2013 09:46 GMT

Barclays has today pledged to improve the financial knowledge of a further one million young and vulnerable people in 2013 through the Barclays Money Skills programme.

The programme, which has been delivered nationally since 2010, has already reached more than one million people through partnerships with leading charities including Action for Children, The National Skills Academy for Financial Services and The National Youth Agency. Barclays’ involvement in this sector will grow further this year through new partnerships with the Personal Finance Education Group (pfeg) in support of My Money Week , and Shontal, a not for profit organisation using theatre to improve financial literacy. These charity partners, and the support of thousands of Barclays volunteers, will enable the Barclays Money Skills programme to reach a far wider audience in 2013.

Ashok Vaswani, Chief Executive, Barclays Retail and Business Banking, said: “It has never been more important for young people, particularly those who are vulnerable, to be able to access the support they need to learn about money. Having sound financial skills and being confident in managing money is critical to everyday living and achieving future goals. When I speak to those who have taken part in Barclays Money Skills, volunteers and participants alike, I hear at first hand just how much young people and those who are disadvantaged benefit from dedicated support. It has proved the success of our partnering with leading charities and education specialists to deliver the Barclays Money Skills programme, and is why we’re expanding our commitment to reach an additional one million people during 2013.”

Tracey Bleakley, Chief Executive, pfeg said: “We are delighted to be working with Barclays to bring My Money Week to life in its fifth year. With their support, this year we will be able to expand the Week to provide even more schools with the support and resources they need to teach young people about money, benefiting 650,000 primary and secondary students across the UK. Our new partnership clearly demonstrates the benefit of working together to improve young people’s financial capability.”

Running alongside the Money Skills programme, the partnership between Barclays and pfeg will focus on improving the financial capability of young people in primary and secondary schools during the fifth annual My Money Week in June. For this programme of activity, schools across the UK can access free resources, lesson plans; one to one consultancy for teaching staff and a dedicated website to help schools across the country deliver financial education. This year, with Barclays support, My Money Week will be offered in all four nations for the first time and will reach an estimated 650,000 young people. More than 500 Barclays volunteers will be on hand to help teachers deliver fun and engaging financial education activities.

In addition to supporting young people in education, the partnership with Shontal, who specialise in delivering financial education through live theatre sessions, will see Barclays delivering the Money Skills programme to all new standard level British Army recruits attending the Infantry Training Centre in Catterick Garrison. The sessions will reach more than 4,000 new infantry recruits during their training and involve up to 150 Barclays volunteers.

Major Richard Wilson, commented: “We are very pleased to be offering Barclays Money Skills to our standard entry British Army infantry recruits. It has never been more important that we help them to manage their money, both on a day-to-day basis and looking to their future. We are confident the work with Shontal will offer our recruits a fantastic opportunity to learn the skills they need to better understand and manage their finances.”

Alongside these initiatives, young people not in employment, education or training (NEET), those in care and young carers will continue to receive support through projects delivered by Barclays in partnership with Action for Children and The National Youth Agency. At the same time, Barclays will deliver the Money Skills ‘weeks’ event in partnership with the National Skills Academy for Financial Services that reach an estimated 150,000 students at further education (FE) colleges.

An independent impact assessment* carried out by the University of Bristol has demonstrated the positive effect that Barclays Money Skills has on those who take part. Immediately after completing the course, nine out of ten (92.3%) young people agreed or partly agreed they now knew where to get money advice. When asked if they could define what common financial terms such as a direct debit meant, nine out of ten (90.1%) participants in the intensive sessions could correctly do so.

The Barclays Money Skills programme was launched nationally in 2010 with an investment from Barclays of £15 million to enable disadvantaged young people across the UK to build their financial skills, knowledge and confidence. Since it launched, over one million people have received teaching through a mix of intensive, high-impact interventions and activities, and learning delivered via online digital content. The resources are delivered by charity partners and teachers, as well as Barclays’ employees who volunteer to give their time and expertise to help young and disadvantaged people learn about money.

Notes to Editors:

*The University of Bristol surveyed 4,761 individuals, of which 264 completed the intensive Barclays Money Skills course.

Barclays Money Skills

Barclays Money Skills is a national money management programme designed to build the financial skills of 16 – 25 year olds and other vulnerable groups across the UK. It involves Barclays working in partnership with respected and experienced charities to deliver the programme and will reach a further one million people in 2013. The programme is designed to meet the needs of a range of different client groups, including disadvantaged young people and other vulnerable people, such as new recruits and returning servicemen and women, those at risk of homelessness, ex-offenders, and older people. For further information about Barclays Money Skills visit www.barclaysmoneyskills.com

pfeg

pfeg (Personal Finance Education Group) is the UK’s leading financial education charity. pfeg’s vision is a society in which all children and young people have the skills, knowledge and confidence to manage their money well, now and in the future. The charity supports schools and colleges by providing free expert advice and high quality educational resources that engage and inspire young people. For more information see www.pfeg.org or contact Matt Hartley on 020 7330 9478 or 07730 141519 or email matt.hartley@pfeg.org


About Barclays

Barclays is a major global financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management with an extensive international presence in Europe, the Americas, Africa and Asia. Barclays’ purpose is to help people achieve their ambitions – in the right way.

With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.barclays.com.