Money Week is pure gold for students at Bedford College

Bedford College held a series of events during Money Week (8-12 March) helping highlight the importance of money management to students.

Workshop sessions included advice to cover budgeting, forms of borrowing including credit cards, moving out of home, working and adjusting to university life with practical tips on life skills as well as money management.

Sue Newman (E2E Support Worker) and Emma Hearn (Student Finance Manager) pictured with students at a workshop session

Blind tastings of food ranges from the most expensive to value ranges gave students the chance to find out about choice and value. With prices seven times the cost between brands, students could taste for themselves the real value of food, with the cheapest often proving the favourite.

Students took part in action packed games that added an element of pure gold to Money Week, with the use of gold (chocolate) coins. Personality quizzes highlighted money personalities such as money banks, money plotters, money bothered and money flops.  

Money tips from students included:

“Spend in cash, rather than plastic, helping keep track of money.”

“Never go food shopping on an empty stomach”

“Don't go shopping all the time - find something else to do!”

“If you use a credit card, remember it's not free money.”

Student Finance Manager, Emma Hearn, explained that Money Week was being held at Bedford College for the first time in partnership with the Independent education charity, the National Skills Academy Financial Services (NSAFS), to promote financial literacy and money management skills during Money Week at 75 further education colleges across England and added:

“We are delighted to be working with the NSAFS as a way of getting important money management messages across to our students in Money Week. We advise students on a daily basis on all aspects of finance so they are able to budget for college, university or work life.  Money Week gives us the chance to involve our students in activities and bring money management to life so that they have the skills to budget now and into the future.”

Money Week forms part of 'Money for LiFE', the further education project of the Financial Services Authority's (FSA) National Strategy for Financial Capability. NSAFS manages and delivers the programme across England, aiming to enhance the financial capability of over 30,000 learners across 75 FE colleges during this academic year.   

Sylvia Perrins, CEO, NSAFS added: “Money Week is a great opportunity to raise awareness of and help develop the financial capability of young people in the UK. Our education establishments, like Bedford College, play a fundamental role in shaping the future and the work being done to support the development of a more 'money-minded' nation is commendable. 

“The ongoing challenges in our current economic climate serve as a poignant reminder that the financial decisions we make, personally and nationally, are of utmost importance. Personal finance is a key skill which we believe should be taught from a young age to assist, maintain and strengthen the development of our financial services industry.”

The National Skills Academy for Financial Services offers national centres of excellence in education, skills training and development, working in partnership with employers to develop a workforce with the knowledge and skills they need to help service their customers' financial needs. 

Since launch in May 2007, NSAFS network has grown from four to over 20 providers that are now located in seven regions. For more information, visit: http://www.nsafs.co.uk/