East of England Development Agency launches money management training programme

The East of England Development Agency on Friday released some £400,000 European funding to assist people improve their financial skills and get them back into work.

The East of England Financial Capability and Inclusion Project will target at least 800 individuals who are out of work and people who are facing difficulty finding a job. The project will also signpost them to job search and other employment support.

The programme will be led by Citizens Advice, a network of independent charities that helps people resolve their money, legal and other problems, and is funded by the EEDA’s European Social Fund programme.

EEDA board member and deputy chair Sheila Childerhouse, EEDA board member and deputy chair said, “Skills and attitudes towards money management are important in every aspect of people’s lives, especially in these tough economic times. This project will develop the financial capability skills of vulnerable people in the region and help them participate more fully and actively in the regional economy. It will also help train front line staff to be more aware of the importance of financial capability and to assess which people might require extra help.”

At the same time, the project will train 400 front line workers so they can help their clients with budgeting and point people to where they can get help dealing with debt.

The sessions will be available throughout 2010 and delivered in targeted areas across the region by a range of providers including Housing Associations, Credit Unions and Citizens Advice Bureaux.

The sessions are designed to improve the individuals’ confidence in managing their money and their chances of getting into paid employment.

Citizens Advice project manager Liz Stannard said, “It is especially important during a recession that people have access to the relevant training and assistance to help them get back to work. Being able to manage your money with confidence and organise a budget are vital skills particularly when facing financial insecurity. We’re grateful that EEDA has chosen to fund this important project which will really make a difference in the East of England.”

Barbara Follett, Regional minister for the East of England added, “Managing your money can be challenging for everyone, but it can be even more difficult for people out of work. I welcome the launch of this project in the East of England as it will help both the unemployed and their support workers with everyday finance such as opening bank accounts and education on how to borrow money through credit unions rather than unscrupulous loan sharks.”