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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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Welcome and Introduction

Jed O’Neill, Director,

Aimhigher South Yorkshire



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)


Strange Liaisons in the Search for Community Learning

Tony Jowitt, Principal,

Northern College


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


Credit Due

Ray Hearne,

Workers Educational Association


Finance as a Barrier to HE Progression and Widening Participation

Jed O’Neill, Director

Aimhigher South Yorkshire


Knowledge
Knowledge Participation

  • 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 Participation

  • 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 Participation

  • 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 Participation

  • Need for financial literacy – starting early

  • Need for clear and timely information and advice

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


Refreshment Break Participation


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


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


Refreshments Participation


Workshop Feedback Participation


Closing Speech Participation

Jed O’Neill, Director

Aimhigher South Yorkshire


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