Tag: financial education

UK Savings Week: Next generation banking on financial education for economic resilience 

Cost of living crisis brings need for financial literacy in young people into stark reality, says charity

Young Enterprise Scotland is highlighting the importance of financial education for young people during UK Savings Week.

Running from the 18th – 24th September, UK Savings Week is a campaign designed to heighten awareness of the benefits of saving, and creating positive attitudes towards financial resilience.

The call for awareness comes on the back of findings which show just 50% of 12-17 year olds in Scotland recall learning about money management in school (MaPs, 2020). A figure which is concerning in light of the current cost of living crisis.

The charity has created and developed Scotland’s Financial Schools programme to support the implementation of financial education in the curriculum, with the aim that every young person in Scotland is equipped with essential financial skills that will support them into adulthood.

The programme provides practitioners with support and a wide range of resources to develop their own understanding and support their students, including workshops, online modules, and their free ‘’Your Money Matters’ textbook, created through funding and support from Money Saving Expert, Martin Lewis. Featuring tips on budgeting, borrowing, and recognising scams and fraud, the textbook can be accessed for free on their website.

Emma Soanes, Chief Executive of Young Enterprise Scotland, said: “It has never been more important for young people to have the skills and knowledge to set them up for success, and financial education is a key component.

“We are determined that every child in Scotland should have access to financial education from an early age, and we aim to support teachers and schools to deliver this across the country.”

Financial education for young people is central to the work of Young Enterprise Scotland, which works with volunteers from the business community to deliver a future-proof programme of blended learning that is accessible to all. They also work with budding entrepreneurs, nurturing business ideas and supporting young people to bring their ideas to life, whilst developing skills and achieving their goals.

Find out more about Scotland’s Financial Schools here: 

https://financialschools.scot/index.php

New debt law comes into force today

New legislation aims to help the most vulnerable

distressed-young-womans-face

New legislation comes into force today (Wednesday, April 1) which sees Scotland introduce one of the most modern systems of debt advice and debt management in the world.

The Bankruptcy and Debt Advice (Scotland) Act introduces a suite of measures, including the Minimal Asset Process, which offers debt relief quickly and at less than half the cost of an application for bankruptcy under the previous equivalent scheme for those on low incomes.

Accountant in Bankruptcy will oversee implementation of the new law, which has been designed to balance the rights of those in debt with the needs of creditors and businesses.

The introduction of the legislation is the latest element in the Scottish Government’s vision of a Financial Health Service for Scotland, which commenced with the launch of the Scotland’s Financial Health Service web portal in December 2014. The site is a one-stop shop for advice on a range of money issues, signposting users to organisations offering information and advice on debt, managing money, housing, homelessness and ethical lending.

Other measures as part of the new legislation include:

  • Mandatory money advice for people seeking access to statutory debt relief instruments such as sequestration (the equivalent term in Scotland for bankruptcy) to ensure debtors are matched with the solution that best fits their needs and circumstances
  • Compulsory financial education for those who have been sequestrated more than once to help with their financial rehabilitation and prevent future financial difficulties
  • Introduction of a Common Financial Tool for money advisers, allowing them to quickly assess whether individuals can contribute towards repayment of their debts and what the level of their contribution should be
  • A new web-based bankruptcy application system
  • Creditors are obliged to submit claims no later than 120 days after notification by the trustee

Business Minister Fergus Ewing said: “This new law places Scotland firmly at the forefront of efforts on how to help some of the most financially vulnerable in society.

“These measures have been developed following years of consultation with experts across the financial advice community and from studying how other nations deal with issues of personal debt.

“It is only proper that we seek to do everything we can to help financially rehabilitate families and individuals on low incomes and with little by way of assets who are struggling with debt, while still offering a fair deal for those owed money.

“Taken as a whole, this pioneering legislation seeks to bring dignity to those people in Scotland seeking to break the cycle of debt once and for all.”