Select a region
Students are being encouraged to think about how they manage their money and consider the influences that affect their spending decisions as part of a series of money workshops being delivered by Community Savings.
For the last few years, Community Savings has partnered with a number of the Island’s secondary schools to offer money management and budgeting advice to pupils in Key Stages 3 and 4 as part of their Personal, Social, Health and Education (PSHE) programme. These classes also form part of a wider education initiative delivered in conjunction with the Jersey Financial Services Commission, Jersey Consumer Council and Trading Standards.
The principal aim of presentations delivered by Community Savings, which begin next week (Tuesday 6thNovember), is to look at the challenges and opportunities surrounding money and to encourage informed decision making and good financial habits, which will help prepare them for the responsibilities of adult life.
Steve Eldred, managing director at Community Savings, explained that education and early intervention were key in improving financial knowledge and understanding and that the latest annual report from the Channel Islands Financial Ombudsman had highlighted “a concerningly low level of financial literacy amongst some local consumers”.
“Recent research commissioned by The Money Charity has shown that just a single one-hour workshop can be effective in improving the financial capability of young people, and boosting confidence in managing money,” said Mr Eldred.” We hope that, by delivering these presentations in schools, students will be armed with the knowledge to avoid the consequences of serious debt and learn to manage their finances responsibly.”
Established as a charity in 2001, Community Savings Ltd provides basic financial services for those members of the local community who would otherwise be excluded from having a bank account. This helps alleviate some of the difficulties faced by those who may already be financially or socially disadvantaged.
Anyone can open an account with us – even if they have been blacklisted elsewhere – which they can use to make regular standing orders or to send and receive payments. Members are also encouraged to open a separate savings account to help them budget and put money aside, even if it’s just a small amount each month. This helps instil in them good financial habits.
We also offer debt advice and financial mentoring, to help our members sort out their financial affairs and enable them to manage their finances effectively. This helps them avoid additional costs associated with being in debt, such as overdraft and other charges, which would otherwise add to their financial plight.
Community Savings also provides emergency loans at low rates of interest to those in need of urgent financial assistance who cannot access funding from other sources. Loans have been granted for variety of reasons, but many of these have been in circumstances where the individual or family is in desperate straits and at risk of being made homeless or are in a situation that impacts significantly on their wellbeing.
In addition, Community Savings works with a number of Government departments, community groups and other third sector organisations to help build relationships with people who might need our support, and we continue to encourage those who need help to contact us directly.
We believe the services we offer help eradicate financial hardship, provide much-needed advice and support, and help educate and promote responsible financial management within the community.
