West Cumbria Programme Teaches Young People Financial Know-How
An innovative programme aimed at educating young people in West Cumbria about financial management and debt prevention has been making a positive impact in the area.
The Financial Wellbeing programme, which is part of Transforming West Cumbria, is funded by the Sellafield Ltd Social impact multiplied (SiX) programme and delivered by Cumbria Community Foundation. The initiative is a collaboration between Citizens Advice Allerdale, Citizens Advice Copeland and Whitehaven, Egremont & District Credit Union. It aims to provide young people aged 11 to 18 with the skills and knowledge to make sound financial decisions throughout their lives.
The workshops and training sessions cover a range of topics including managing debt, ways to save, and banking basics. At the heart of the programme is the goal of promoting financial wellbeing, defined as “the feeling of being secure and in control, being able to pay the bills today, having the capacity to deal with the unexpected, and being on track for a healthy financial future.”
Shelley Hewitson, Chief Officer at Citizens Advice Copeland, explains, “Financial wellbeing is an essential life skill. This programme teaches young people how to manage their money effectively, which can have a significant impact on their future financial stability.”
Tara Edwards, Chief Officer at Citizens Advice Allerdale, adds, “The sessions we offer provide an introduction to topics that are fundamental to helping young people achieve financial wellbeing – budgeting, debt, credit, savings, banking, employment, and starting a job. We use a mix of quizzes, tasks, games, and hands-on practices to keep the sessions fun and informative.”
The programme has been well received by young people in West Cumbria, with 98% of those attending the budgeting sessions saying they would recommend them to someone of their own age. One young person commented, “I didn’t have a good understanding of money and budgeting beforehand, but now I know to prioritize my expenses and set a budget for myself.” Another said, “It taught me life skills that will be relevant in the future. It shows the need to save so you don’t end up in financial issues and complications.”
In addition to the in-person sessions, online resources are also available, including information for those moving to university or starting an apprenticeship. The Credit Union also runs workshops that focus on why managing income and expenditure is crucial.
Nikki Bates, Development Manager at Whitehaven, Egremont & District Credit Union, explains, “We explain how to identify and prevent problems with your spending and where to go for help and advice. Our project is aimed at Year 10 students but has been delivered to children from ages 11 to 18.”
Several schools in West Cumbria have already taken part in the Financial Wellbeing programme, including St Benedict’s School in Whitehaven, Solway School, Beacon Hill School, Energy Coast UTC, and Mayfield School. Workshops have also been held for apprentices at Sellafield and community youth groups. A specially tailored joint session for young people at Cumbria Academy for Autism was also conducted.
The Financial Wellbeing programme was launched in 2020 as part of Transforming West Cumbria, aiming to break the cycle of debt for West Cumbrians on low incomes. As well as the sessions in schools and colleges, the programme funds financial wellbeing officers who provide one-to-one financial health checks and information to empower people to take control of their own finances and prevent them from reaching crisis point.
Eirini Etoimou, Head of Corporate Sustainability & Supply Chain Development at Sellafield Ltd, says, “Transforming West Cumbria aims to tackle the causes of inequality in our most vulnerable communities and bring about lasting change. We know that many people in West Cumbria on low incomes find themselves trapped in a cycle of debt with seemingly no way out. The Financial Wellbeing programme funds work across the community to break this cycle.”
Dr. Jenny Benson, Director of Programmes and Partnerships at Cumbria Community Foundation, adds, “We see every week the difficulties many people in West Cumbria face managing their household finances, especially in the face of rising costs and increased pressures since the cost of living crisis. This, in turn, can sadly often lead to anxiety and other mental health challenges. We are really pleased to deliver the Financial Wellbeing programme with our partner organisations, particularly the work in schools and colleges, which is equipping young people with the skills and knowledge they will need throughout life to manage their money, stay out of debt and stay well.”
Citizens Advice Allerdale and Citizens Advice Copeland provide free and independent specialist advice across a range of subjects. They also offer financial wellbeing support, including ways to cut down on bills and increase income, as well as budget planners. Information for people of all ages needing support with problem debt is also available on their websites.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.