Welcome and Introduction Jed O’Neill, Director, Aimhigher South Yorkshire - PowerPoint PPT Presentation

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

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

  2. The Case for Higher Education

  3. 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

  4. 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)

  5. Strange Liaisons in the Search for Community Learning Tony Jowitt, Principal, Northern College

  6. Money Matters Jane Woodford Rotherham Credit Union Development Agency

  7. Outline • Debt in the UK • Financial capability • Lessons from credit union/Aimhigher work • Challenges for now – way forward in South Yorkshire

  8. Current Situation in UK • Cultural shift • UK most indebted country in Europe • Total consumer lending £192.6 billion • Average household debt £7,796

  9. Young People and Debt • Total student debt in UK £5 billion • Average student debt £12,000 • Projected debt by 2010 £33,708

  10. 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

  11. Who Cares? • Financial • Health • Active citizenship

  12. What Works • Practical & relevant • Belief – shared philosophy • Self help • Community champions • Starting early • Joint working – mutual benefits • Long term impact

  13. Building Financial Futures • RCUDA/Aimhigher • Initial project • Schools project • CU collection points • Money/debt advice • Financial literacy work in schools

  14. FSA – Delivering Change • Schools • Young adults • Workplace • Consumer communications • Online tools • New parents • Money advice

  15. Other Projects • Money Doctors • Young Scot Infoline • LASA CU Swansea • Little Dearne • Northcliffe School • Financial Inclusion - Sheffield • Kendray

  16. . . . and so, what now? • Connections • Collaboration • Communities

  17. Credit Due Ray Hearne, Workers Educational Association

  18. Finance as a Barrier to HE Progression and Widening Participation Jed O’Neill, Director Aimhigher South Yorkshire

  19. 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)

  20. 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"

  21. 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

  22. Implications • Need for financial literacy – starting early • Need for clear and timely information and advice • see: www.direct.gov.uk/studentfinance

  23. Refreshment Break

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

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

  26. Refreshments

  27. Workshop Feedback

  28. Closing Speech Jed O’Neill, Director Aimhigher South Yorkshire