Building financial futures
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Welcome and Introduction Jed O’Neill, Director, Aimhigher South Yorkshire PowerPoint PPT Presentation

Welcome and Introduction Jed O’Neill, Director, Aimhigher South Yorkshire. The Case for Higher Education. Aimhigher. Government funded initiative to raise aspirations, awareness and attainment of currently under - represented groups in Higher Education

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Building financial futures

Welcome and Introduction

Jed O’Neill, Director,

Aimhigher South Yorkshire


The case for higher education

The Case for Higher Education


Aimhigher

Aimhigher

  • Government funded initiative to raise aspirations, awareness and attainment of currently under - represented groups in Higher Education

  • Contributes to target of 50% HE participation by 2010

  • BUT Aimhigher is about widening participation, not just increasing participation

  • Aim is to remove barriers to participation – cultural, HE provision, finance, information, advice & guidance etc

  • Aimhigher is a national initiative, delivered at sub-regional and local authority levels

  • A wide variety of projects


The arguments

The Arguments

  • Rational, utilitarian

    Economic - knowledge based economy

    - develop human resources

    Society - graduates cost the community less:healthier, employed etc.

    Individual - rate of return £100-400K over a lifetime

  • Ideological

    Social Justice - access to what you pay for; benefits, opportunities for all

    "Education is a public investment, a private good and a human right" (Howard Newby)


Building financial futures

Strange Liaisons in the Search for Community Learning

Tony Jowitt, Principal,

Northern College


Building financial futures

Money Matters

Jane Woodford

Rotherham Credit Union Development Agency


Outline

Outline

  • Debt in the UK

  • Financial capability

  • Lessons from credit union/Aimhigher work

  • Challenges for now – way forward in South Yorkshire


Current situation in uk

Current Situation in UK

  • Cultural shift

  • UK most indebted country in Europe

  • Total consumer lending £192.6 billion

  • Average household debt £7,796


Young people and debt

Young People and Debt

  • Total student debt in UK£5 billion

  • Average student debt£12,000

  • Projected debt by 2010 £33,708


Financial inclusion

Financial Inclusion

  • 14 million (35%) rely on overdrafts

  • 70% of people have no provision for unexpected drop in income*

  • 2 million households live on a knife edge*

    *FSA Financial Capability: Establishing a Baseline


Who cares

Who Cares?

  • Financial

  • Health

  • Active citizenship


What works

What Works

  • Practical & relevant

  • Belief – shared philosophy

  • Self help

  • Community champions

  • Starting early

  • Joint working – mutual benefits

  • Long term impact


Building financial futures

Building Financial Futures

  • RCUDA/Aimhigher

    • Initial project

    • Schools project

  • CU collection points

  • Money/debt advice

  • Financial literacy work in schools


Fsa delivering change

FSA – Delivering Change

  • Schools

  • Young adults

  • Workplace

  • Consumer communications

  • Online tools

  • New parents

  • Money advice


Other projects

Other Projects

  • Money Doctors

  • Young Scot Infoline

  • LASA CU Swansea

  • Little Dearne

  • Northcliffe School

  • Financial Inclusion - Sheffield

  • Kendray


And so what now

. . . and so, what now?

  • Connections

  • Collaboration

  • Communities


Building financial futures

Credit Due

Ray Hearne,

Workers Educational Association


Building financial futures

Finance as a Barrier to HE Progression and Widening Participation

Jed O’Neill, Director

Aimhigher South Yorkshire


Knowledge

Knowledge

  • 29% of 16-24 year olds said they wouldn't know how to prepare and manage a weekly budget

  • 19% of 22-24 year olds have short-term debts over £5,000

  • 62% of young people said if they got into money trouble or debt they would not be able to name any advice or support services they could turn to for advice

  • Of undergraduates who considered dropping out, 34% cited financial difficulties as a strong factor

    (Financial Services Authority)


The finance barrier

The Finance Barrier

  • Debt aversion – "Student funding policies, predicated on the accumulation of debt, will deter HE entry amongst those with no other financial resource to call upon to fund their Higher Education." (Claire Callender)

  • Insufficient rate of return – for many potential applicants the returns are perceived as not worth the costs, unless a 'good institution' has been attended

  • Desire to earn money

  • "Higher Education not for the likes of us"


The costs of he

The Costs of HE

  • Average student expenditure 2004-05; £10,273

  • Average student income, £8,333

  • Average final year debt, £7,918 – but those from low income families, £9,842 average

  • 56% of students do paid work; average of 13.5 hrs per week at £6.10 per hour

  • 50% of students have overdrafts

  • Tuition fees rise from 2006 to £3,000 p.a. for most courses at most universities (not colleges)

  • A complex system of student financial support comes into effect in 2006 – grants/loans/bursaries/scholarships


Implications

Implications

  • Need for financial literacy – starting early

  • Need for clear and timely information and advice

  • see: www.direct.gov.uk/studentfinance


Building financial futures

Refreshment Break


Building financial futures

Workshop SessionsInvesting in the Future or Problem Debt? Room 19Saving 4 LifeRoom 17Aim for Tomorrow Conference SuiteThe Perspectives of Young People at UniversityRoom 20


Building financial futures

Workshop SessionsInvesting in the Future or Problem Debt? Room 19Saving 4 LifeRoom 17Aim for Tomorrow Conference SuiteThe Perspectives of Young People at UniversityRoom 20


Building financial futures

Refreshments


Building financial futures

Workshop Feedback


Building financial futures

Closing Speech

Jed O’Neill, Director

Aimhigher South Yorkshire


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