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Welcome and Introduction Jed O’Neill, Director, Aimhigher South Yorkshire

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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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Presentation Transcript
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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)

slide6

Strange Liaisons in the Search for Community Learning

Tony Jowitt, Principal,

Northern College

slide7

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
slide18

Credit Due

Ray Hearne,

Workers Educational Association

slide19

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
slide25

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

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

slide30

Closing Speech

Jed O’Neill, Director

Aimhigher South Yorkshire

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