The Money Advice Service (MAS) recently announced investment in over 50 programmes that will build evidence of what works to improve financial capability, including among the young. Research has shown that advice and support is particularly important at key moments of transition in people’s lives. Reaching people at these times and making sure they get the support they need is arguably most important when young people are leaving education and moving into work or training, leaving home and living independently.
NYA has argued that youth workers are well placed to make sure young people get the right support at these key moments in their lives. Specialist organisations providing debt counselling and welfare advice are vital but youth workers play a really important role in early identification – picking up when these referrals are needed by young people and providing the connections and support to encourage them to seek specialist support.
Youth workers are also really valuable in helping young people to think about money skills and to understand basic concepts like wage slips, income tax, how banks work and so on. NYA has run peer education programmes on financial skills for young people and other organisations have done the same.
NYA is also working in a consortium of organisations brought together by MAS to develop an outcomes framework and set of capabilities for those delivering financial support. We are really keen that this reflects the contribution that youth work plays. We will be arguing the case but if you have 10 minutes and can respond to the live MAS survey about this it would be great to get contributions from youth work organisations – take a look at the survey here. Closing date is 10 March.
If you like to find out more about MAS work in this area visit http://www.fincap.org.uk/