Students and money: successful financial literacy project 2023-24
Students and money came up a year or two ago at a landmark meeting of the CAEE team. On the agenda was the question: how could we help reduce the number of clients racking up multiple debt problems?
Our advisers see many clients with complex debts. They can help most of them but for some that happy outcome is almost impossible (especially since the cost-of-living crisis). Prevention is definitely better than cure.
The team’s plan was to build on advisers’ understanding of financial things that can go wrong in people’s lives. What they created was a bespoke, forward-looking CAEE Financial Literacy Project.
Participants would be students and teachers at schools in the borough and local funders* who wished them well; and the aim, to inform and educate young citizens (16-18) about financial matters as they move into the adult world.
Progress
Two years in we’re pleased to report good progress. This academic year we’ve been working with Epsom & Ewell High School (EEHS) and Blenheim High School to deliver the course to almost 200 students.
EEHS have completed the second consecutive year of the project with great results. Most students (80%) said they felt more confident in managing their money; nearly 70% now know where to seek help with money issues in future.
Our team took part in a closing assembly at the school where two students spoke positively about the experience. Cllr Steven McCormick, representing project funders Surrey County Council, was also there to underline their support.
At Blenheim High School the whole sixth form is taking the course this term. Louise Curd, CAEE publicity manager, joined an opening assembly to launch the project. We’re already looking forward to their report after Easter.
Course overview
In short: what money manages and how we manage money. Here is a summary of course issues:
| Bank accounts, interest rates, APR, overdrafts | Loans, credit cards, Buy Now Pay Later | Employment, wages, income tax, PAYE codes |
| Savings | Budgeting | Cryptocurrency |
| Spending, online shopping, mobile phones, gambling | Spending habits, what sort of spender am I? pressure to spend | Student loans and living at university |
| Costs of living away, renting, bills: council tax, TV licence | Comparison websites | Reliable resources, where to go for information/help and where not to |
We’re sure more schools would welcome the chance to get involved and we hope to expand the project in the 2024-25 school year. Please get in touch if you would be interested in helping us reach other young people in the borough – info@caee.org.uk
* Thanks go to our 2023-24 funders: Cllrs Steven McCormick and Bernie Muir of Surrey County Council (at EEHS) and Town & Country Housing (at Blenheim High School.).