FSA Young People and Money programme

In 2006, the Financial Services Authority (FSA) funded ‘Young People and Money’ – a free training programme and website for young people who are not in education, employment or training. The programme aimed to empower young people by improving financial awareness and capability.

The ‘Young People and Money’ project supported a free, one day training course for people working with young people and designed to improve confidence by better equipping them to support their young people in becoming financially capable. Free materials designed to support participants and their organisations were given on the day. The materials include a number of toolkits such as the an excellent guide by Citizens Advice, ‘Financial capability and young people – Essential information to support young people’ which includes a chapter on financial capability, ‘On Your Own 2 Feet – Supporting young people to take more control of their money’, a toolkit of financial capability exercises to work with vulnerable and hard-to-reach young people on money management and financial skills by Fairbridge revised in 2009.

‘Young People and Money’ training was managed by Lifeline and was facilitated across the UK by A4e, Citizens Advice, Fairbridge and Lifeline. To complement the training, the National Youth Agency offers ‘Money Mastery’ seminars. These are free, high energy, money coaching seminars for youth workers and other professionals who work with young people.

In 2009, the FSA launched a new website, ‘What about Money’ (known now as the Money Advice Service) to provide advice directly to 16 to 24 year olds on money issues. The site includes life stage guides to help identify and get to grips with issues faced at different times of life. There are top tips and case studies, so readers can learn from the experiences of other young adults.

‘Young People and Money’ was part of the FSA’s National Strategy for Financial Capability, which aims to improve the ability of consumers in the UK to manage their money.

More about Money Advice Service – Young People and Money and Money Mastery,

Read:  Financial capability and young people – Essential information to support young people (1.3 MB) published by Citizens Advice.

Organisations who worked together with the FSA on the ‘Young People and Money’ Programme were Citizens Advice, A4e, Fairbridge Training (now part of the Prince’s Trust) and Lifeline Projects

Note

In April 2010, the FSA’s Financial Capability division became the Consumer Financial Education Body. A year later, in April 2011 it was rebranded as the Money Advice Service, offering free, money advice across the UK – online, over the phone and face to face.

Also see Financial education for young people – new All Party Parliamentary Group

Published: 24 June 2011

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