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Financial Capability Briefing - Case studyAs part of the unionlearn Skills, Recession & Recovery Project (SRR) in the North East and Cumbria, Ken Gyles Development worker for the SRR, was invited to attend the Regional Financial Inclusion Stakeholder Group. The group which is made up of all major stakeholders in the region and was set up to look at issues pertaining to financial exclusion. Financial exclusion can be defined as not having access to appropriate financial products and services, which allows effectively manage of money, regardless of level of income, social status or ability. Appropriate financial services and products include:
Trade unions and the TUC recognises that financial inclusion and fair access to affordable finance are integral to both tackling poverty in the region and enabling individuals to participate and progress into sustainable employment. The Northern TUC has a strategy for tackling poverty in the region and it highlights the growing prevalence of 'in-work poverty'; the majority of children living in poverty in the region are in households where at least one adult is in employment but that employment is of a low wage. The priority for the TUC is to secure access to affordable finance through 3 activities:
The SRR project has strong links with CFEB, designed to help trade union members with support on money management and it was decided to offer a briefing on financial capability to union reps in the region so they would have the knowledge and contacts to support members in the workplace. The briefing took place on the 29th June and was delivered by John Cottey from Stockton Citizens Advice Bureau. John Cottey said: 'The agenda for financial capability work is debt prevention and improving quality of life. By giving individuals the basic skills and knowledge to manage their money and make sound financial decisions we hope to reduce people's dependency on credit, avoid unmanageable debt and help people use money as a way of achieving some of their personal goals in life. We have found that debt and money problems are often a route course of stress and depression that effect many people in the workplace. This is why our partnership with Unionlearn's SRR project is so vital. It is a way of bringing the financial capability agenda right to the people who can benefit most.'
Danielle Blake from the union PCS said: 'I found the briefing very informative and enlightening, it touched upon the financial issues effecting members today and explained the relevant law and the important difference between priority debt and non priority debt. Following on from the event I am looking into arranging mini information sessions for members during a work life balance day organised with my employer as it will provide them with the necessary information and encourage them to consider how best to approach today's current economic climate' The briefing look at banking, managing budgets, best energy deals available, debt management, choosing credit wisely and credit unions. 28 Reps and ULRs attended the briefing representing Unite, POA, PCS, Unison and CWU. Bev Gail, PCS ULR* at HMRC Waterview Park said: 'I really enjoyed the briefing and thought it was really useful to have a clear understanding on financial capability. It gave us the opportunity to learn about money management, this will help ULRs and Reps to offer information in our workplace to help employees during these difficult times' Feedback from the briefings has been encouraging and subsequently there has been a briefing session held in Cumbria and there will be another briefing session in Tees Valley in September for 15 reps and ULRs. Case studies and projects (800 words) issued 20 Aug 2010 |
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