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Our Financial Education Partnership is set to soar.

The Institute continues to enhance the fiscal knowledge and financial management of the next generation of bank customers and employees through the Financial Education Partnership (FEP) scheme.

Val Baukham, who manages the FEP programme explains: “The Institute has been running FEP since the early 1990s, and last year more than 29,000 pupils from 166 schools attended sessions. This number will soar in the coming years as personal finance skills become engrained in the national curriculum.”

Banking sector volunteers host workshops on themes such as ‘sensible borrowing’ and ‘managing your money’ to pupils in Scotland’s primary and secondary schools. The themes also cover ‘life skills’ such as interview and communication skills, team working and ethical behaviour in the workplace.

The FEP scheme also aims to reach those such as the unemployed and other community groups most at risk from financial exclusion.

By offering financial lessons to these groups, the hope is that customers will have more understanding of banking products and financial terminology and can make informed choices and understand the implications of poor financial decisions. A financially educated public who understand money and financial products can only be a good thing if future generations are to avoid the boom and bust of relying heavily on debt.

The scheme is administered and actively promoted by the Institute and is funded by a number of financial organisations and professional bodies meaning that sessions are free for schools and organisations; they submit requests for topics to be covered and FEP finds the volunteers to assist.

The FEP’s aim is to empower people with greater financial knowledge and employability skills, but it also benefits banking staff connected to the scheme: they’re helped in making an engaging and appealing impression on their audience, and in developing greater communication and interaction skills that are important in their regular jobs.

Meanwhile, a draft framework for financial education is being rolled out to teachers across Scotland in August, and a draft delivery plan will be sent to stakeholders to encourage their continued involvement in financial education.

Call to action: If you’re interested in getting involved in FEP, please contact Val@charteredbanker.com
Please visit http://www.charteredbanker.com/Home/Schools/ for more information.