In Practice: Know how - Family finance
Tuesday, November 4, 2008
The credit crunch has thrown money matters into sharper focus, yet children's centres and schools may feel awkward about getting involved in family finances. However, with the right approach it is possible to play an active role in helping parents manage their money. In particular, consider offering basic money skills courses. This kind of support not only impacts on the Every Child Matters goal to ensure economic wellbeing, but links to many other aspects of family life.
- Try to run money skills programmes with existing groups in familiar settings rather than starting a new group. This will help build demand from other service users who will hear about the workshops by word of mouth. For example, if you have an established group of mums doing a baby massage course, suggest they all move into a money skills programme.
- People can be put off by the idea of financial skills workshops - they think it will be about complicated stuff that does not relate to them. So you need to brand it right - something like Quids In or My Money - use local slang or terms with which people will be familiar.
- Invest time in giving staff the training and confidence to deal with money matters. They probably deal with sensitive family issues all the time but may still feel it's not their place to get involved in money matters.
- The first priority should be making people feel safe about discussing money matters, as it is a sensitive subject. There should be lots of laughter. On the Financial Futures scheme - a partnership between Action for Children and Barclays, which runs in children's centres - the first few sessions are spent doing quizzes and other exercises to break down barriers.
- If you have a local credit union, then get involved and work with other support and advice organisations such as the Citizens Advice Bureau. Let them showcase their services by inviting them along to meetings. Make contact with local banks and arrange for the group to meet the bank manager.
- Be practical - actually open bank or credit union accounts, and switch people's fuel providers. Do it together as a group. Don't just talk about food shopping and budgeting - go shopping, cook food and have a competition to see who can prepare the best budget meal. Encourage people to share their top money-saving tips.
- Start a savings club and pay money into credit union accounts when the course ends. Get people to put money into a tin or a jar during the course, then go out for a meal. Get them to look at the options - is it better value to spend money individually?
- Compiled with the help of Pete Verity, project worker, Financial Futures, Action for Children.
