Students in Swindon have been given the opportunity to improve their financial skills with the aim of empowering young people to equip them for life outside of education, which is part of a new partnership between Halifax, part of Lloyds Banking Group, and New College, Swindon.
More than 1,000 college students took part in financial literacy workshops over the course of a week. The sessions taught attendees about the different types of accounts available, how to effectively use credit and the best ways to budget.
The events saw 15 colleagues from the bank run ten sessions that were designed to help students between the ages of 16 – 18 to manage their finances ahead of university or employment.
Graham Taylor, principal at New College Swindon, said: “New College has been at the forefront of financial education for some years, being the first FE College in the country to offer personal finance courses to all 16-18 learners, so that they can understand budgeting and sometimes avoid the bank of mum and Dad
“Knowledge for independent living, such as direct debits, standing orders, ISAs, credit cards and loans is so useful and we thank Halifax and Lloyds Banking Group for their work with our learners on these important skills for life.
“At New College we have set up a Financial Academy so that learners can develop their knowledge and skills at higher levels – useful for both general living and jobs in financial services.”
The workshops are part of Lloyds Banking Group’s Helping Britain Prosper plan, which has seen the Group work with more than 100 schools across the UK to help students navigate their options and finances when leaving education.
In the past 12 months, colleagues from the Group have hosted interview days, work experience and one-to-one sessions for more than 5,000 students across the UK.
The partnership with New College, Swindon is part of the banking Group’s colleague volunteering programme that encourages each colleague to spend at least one day per year volunteering for a charity, community project or education establishment of their choice.
Stephen Noakes, the Group Ambassador for the South West, said: “Managing your own finances and being able to budget effectively are two of the most important skills that young people should equip themselves with as they look towards university life or the world of work.
“Our colleagues regularly host financial literacy and employability events for schools and colleges across the South West to support young people in this time of transition. Following the success of the partnership with New College, Swindon, we’re aiming to roll out the proposition to more schools and colleges across the region.”