Financial Capability Education a Key Credit Union Activity

Published by Graham Tomlin for Credit Union Solutions Ltd in Central Government and also in Education, Health, Housing, Local Government

As Martin Lewis in his column in Sunday’s News of the World pointed out 97% of the users of his web site said that they were in need of financial education. This is not really surprising since very few schools teach their kids how to handle money.

The last Government pledged to make Personal Finance Education part of the GCSE syllabus but ran out of time or determination before it could be introduced.

In West London financial capability is a hot topic for the West London Financial Inclusion Forum and the Hillingdon Financial Inclusion Forum so much so that their activity is due to be replicated in Harrow, Brent and Hounslow.

M for Money Credit Union has over 300 school children as members and interest in school savings clubs is growing in Hillingdon.

Graham Tomlin Credit Union Solutions Director said.

“Several of the schools with savings clubs have introduced lessons about money and one has also introduced an entrepreneurial project across the whole school inviting classes to use £50 to design, produce and sell a product.

Only our lack of resources prevents us from undertaking more financial capability training with our members and we aim to bid for funding soon to apply to this vital task.

We know that our products are the best in the market but our potential customers do not have the education to be able to evaluate the different products on offer. Instead they are left deciding on a financial provider based upon how cute the cartoon character is that advertises it.

For credit unions Financial Capability Education is a must we need to not only educate our members but also our potential members.

Where we have been involved in Financial Inclusion Forums we have been sitting with CAB, FSA, Registered Social Landlords, Schools and Colleges. With this kind of interest it is impossible not to feel the need to get something done and I for one heartily endorse Martin Lewis’ campaign.”