Scheme to help young people manage money

Thursday, October 13, 2005

The Financial Services Authority (FSA) and Citizens Advice Bureau (CAB) have joined together to teach young people financial skills.

The pilot scheme trained those working with vulnerable young people on how to encourage them to manage their money.

The success of the pilot project has led to calls for the scheme to go nationwide, and the FSA sees the initiative as helpful to everyone.

"Improving people's ability to make financial decisions is beneficial to everyone," said John Tiner, chief executive of the FSA.

"The success of this pilot and its potential to reach large numbers of people is encouraging and is part of the wider work going on towards implementing a financial capability step change in the UK."

Areas the groups looked at included banking, credit, baliffs and seeking advice.

The Front-line Project involved the training of 213 individuals from 26 agencies that have consistent contact with vulnerable youngsters.