Member Article

Barclays launches search for finance ‘champions’

Barclays is working with a group of UK charities to launch a new financial education campaign aimed at young people not in employment, education or training (NEETS).

The National Youth Agency, Citizens Advice, Rathbone UK, UKYouth, YouthNet and Youth Access have joined forces to help with the UK roll out of Barclays Money Skills ‘champions’.

The scheme hopes to recruit NEETs, and equip them with financial knowledge and training, which they can then share with other young people. It is hoped that the scheme will eventually reach 100,000 young people.

Michelle Smith, Head of Community Affairs UK for Barclays, said: “It is vital that young people are given the best start in life. Having good money management skills, particularly when faced with a constrained budget and trying to be financially independent for the first time, is vital to enhancing their life opportunities and preparing them for a secure future.

“Making good financial decisions is an essential life skill. If we, along with our partners, can reach these vulnerable young people and help them build good financial skills then we can make their lives easier and lay the foundation for a better, sustainable future for the UK.”

In 2011 a study by Barclays indicated that money skills developed between the ages of 16 and 25 are critical in helping young people handle their finances. However, only 4% can recall having financial education at school or college, and 90% rely on parents or friends for help - which could potentially be unreliable.

Fiona Blacke, Chief Executive, National Youth Agency, said: “Young people are facing significant challenges and reach out to people they trust for help and advice. It is essential that the information they receive is accurate, to ensure they are appropriately equipped to negotiate financial problems and money management issues.

“The Barclays Money Skills ‘champions’ programme will prepare young people that need it most with skills and knowledge to support themselves and their friends. We are delighted that significant investment is being made into young people’s futures.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .