November 2012: Money for Life and Family Action join forces to spread vital money management skills

1,500 families across the UK will benefit from free money management workshops delivered by Family Action and Lloyds Banking Group’s Money for Life Programme

12 November 2012 – Family Action, the national charity dedicated to providing practical, emotional and financial support to disadvantaged and socially isolated families, has announced a major new partnership with Money for Life to support around 1,500 families with essential money skills.

Money for Life, Lloyds Banking Group’s award-winning personal money management programme, will work with Family Action to deliver a series of money management workshops around the country throughout 2013. 120 Lloyds Banking Group employees have committed to making a difference in their communities by participating in Money for Life’s accredited financial education training and then volunteering to deliver the free workshops, which will cover topics such as budgeting, banking, shopping around, borrowing and planning ahead.

The partnership has been established in response to a growing personal money skills gap in the UK, with a recent report by Family Action showing that some of the low income families the charity supports have less than £2 per person per day to spend on food after household bills are paid¹.  Research also shows that many families are spending their salaries by day 21 of the month².  Family Action knows from working directly with families that family finances are under increasing pressure from rising food and fuel prices, unemployment and welfare cuts, with more children at risk of poverty. When Universal Credit is introduced in 2013, it will put more stress on families to manage their money, making the knowledge and confidence that comes with better personal money management more important than ever so families can maximise their budgets.

The first money management session took place at Family Action’s Bedford Hill centre in Balham on Friday 9 November, with many more scheduled to take place around the country including in some of London’s most deprived boroughs.

As well as Lloyds Banking Group volunteers sharing their skills and expertise, Family Action staff and volunteers will also be trained to deliver workshops, helping to embed money management across the charity’s services. Everyone delivering the money management courses will complete Teach Others, a specially tailored course that is part of the Money for Life Qualifications programme which launched in 2011.

Helen Dent, Chief Executive of Family Action, said: “The Money for Life Programme is a fantastic opportunity for the vulnerable and disadvantaged families we work with to learn about money and budgeting skills from Lloyds Banking Group staff. This scheme will help our families manage their money better and prosper. With the increasing pressures family budgets are facing it’s important, now more than ever, that we’re able to build up our work supporting families to manage their finances. This partnership with Lloyds Banking Group is good news for Family Action staff and service users.”

Sarah Porretta, Head of the Money for Life programme at Lloyds Banking Group said: “We are delighted to be working with Family Action so that, together, we can support more and more families as they develop the knowledge and confidence to manage their money well. Money management is an increasingly vital life skill, and this partnership allows us to share our employees’ expertise in this area where and when it is needed the most.”

In addition to the face-to-face workshops, Family Action and Money for Life aim to reach even more vulnerable families by offering money management tips and financial guidance at www.moneyforlifeprogramme.org. They will also work together to publish a series of reports investigating the challenges facing families today and the role that improved money management skills could play in helping them withstand financial shocks and pressures.

Family Action has been working with disadvantaged families since 1869 and now reaches over 45,000 families a year. Lloyds Banking Group’s Money for Life programme is targeted at young people and adults in the wider Further Education, work-based learning and community learning sectors. In addition to its work with Family Action, Money for Life comprises an extensive qualifications programme and the Money for Life Challenge, a national competition that provides £500 grants to empower teams of 16-24 year olds to develop innovative money management projects that impact their communities.

ENDS

NOTES TO EDITORS

For further press information, please contact [email protected] or T: 020 7260 2700 and ask to speak to a member of the Money for Life team.

About Money for Life

Money for Life is Lloyds Banking Group’s award-winning personal money management programme, targeted at young people and adults in the wider Further Education, work-based learning and community learning sectors. Lloyds has invested £4million in the programme to date and has committed a further £4million over the next two years.

The Money for Life Qualifications programme provides accredited, fully-funded training to enable organisations to embed money management skills at a local level.

The Money for Life Challenge is a national competition that provides £500 grants to empower teams of 16-24 year olds to develop innovative money management projects that impact their communities.

Money for Life is also partnering with Family Action to train employees to deliver money management workshops to 1,500 vulnerable families in 2013.

Money for Life was awarded a Big Tick and was highly commended in Business in the Community’s Awards for Excellence 2012, and was also awarded a special mention in the Independent newspaper’s Peer Awards 2012.

Find us on Facebook and Twitter @moneyforlifeuk or at www.moneyforlifeprogramme.org and  www.moneyforlifechallenge.org.uk

About Family Action

Family Action has been a leading provider and services to disadvantaged and socially isolated families since 1869. We work with over 45,000 children and families a year by providing practical, emotional and financial support through over 100 services based in communities across England. A further 150,000 people benefit from our educational grants and information service.