17 Hydref 2011

Learners team up to improve money management skills of communities across Wales

ColegauCymru / CollegesWales unveils new ‘Money for Life Challenge’ competition for 16 to 24 year olds.

Applications opened online today for the Money for Life Challenge: a new national competition to find the most successful and innovative money management projects that learners can deliver to improve their money management skills, and those of their friends, families and communities.

Money for Life Challenge projects could be anything from getting fellow learners clued-up about choosing the right mobile phone contract, or empowering local young mums to be savvy shoppers, to demonstrating how being green can be also good for the family purse strings.

Teams of up to ten young people aged 16-24 years old in further education, work based learning or adult community learning can apply for a grant (1) to enter, with the support of an individual project sponsor from their learning provider.

ColegauCymru / CollegesWales, in partnership with NTfW, is promoting and co-ordinating the competition across Wales. 

Programme Manager for Money for Life in Wales, CollegesWales’ Julia Owens, said: “There are a host of reasons to be a part of the Money for Life Challenge.  As well as building sound money management skills, learners will practice their leadership, teamwork and communication skills. They’ll build useful community networks, receive a certificate and gain relevant experience for CVs and job interviews. 

“And for learning providers, taking part in the Money for Life Challenge will help deliver active citizenship, core and employability skills, and meet the requirement for a range of courses such as community participation, enterprise and key skills – as well as the opportunity to contribute towards student volunteering and charity fundraising goals.”

ColegauCymru / CollegesWales will be assessing entries to see which local teams of young people will be awarded a project grant, and judging which projects should then go through to the National Finals.

National finalists will be announced on 22 March 2012 with winners going through to the UK Grand Final in May 2012 in London, hosted by Truett Tate, Lloyds Banking Group’s Group Executive Director for Wholesale Banking and Vice Chairman, Client Coverage.

“With pressure on all our monthly budgets increasing, it’s great to be involved in the Money for Life Challenge that will reward innovative approaches to money management. I am looking forward to reviewing the winning entries and meeting the young people who take part, as well as hearing more about the positive impact they will have on communities all across the UK.” said Truett.

Those attending the Grand Final in London in May 2012 will have a chance to win £2,500 for the registered charity of their choice, £100 of Bonus Bonds (2) for each member of their team and access to a Lloyds Banking Group mentor for a year.

Sarah Porretta, Head of the Money for Life Programme, which aims to embed vital money management skills in Further Education (FE) sector institutions or community groups, commented, “More than ever, being good at managing money is one of the most important skills that young people will ever learn. We’re excited to see young people using the Money for Life Challenge to help build the money management skills of their friends, families and communities, and looking forward to seeing some great projects around the country over coming weeks and months.”

Anyone interested in applying for a grant to enter the Money for Life Challenge should visit www.moneyforlifechallenge.org.uk or the Money for Life page on Facebook.
-----------------------------ends----------------------------------

Notes to editors

1. £200 for learners to run the project, and £300 to cover costs incurred by the learning organisation – terms and conditions apply.
2. Bonus bond gift vouchers can be redeemed at over 25,000 places in the UK and not just in high street shops.  Bonus bond gift vouchers have no expiry date.  Find out more at: http://www.bonusbond.com/

About Money for Life Challenge

• The Money for Life Challenge has been created in consultation with further education and community partners: National Skills Academy for Financial Services, Scotland’s Colleges, ColegauCymru / CollegesWales, National Training Federation Wales, Educational Guidance Service for Adults and Toynbee Hall. These partners will also be instrumental in the delivery and co-ordination of the competition.
• Money for Life Challenge is part of the Money for Life programme - a unique partnership between Lloyds Banking Group and FE sector partners in the four nations of the UK on a financial capability and personal money skills programme that aims to embed vital money management skills in further education sector institutions or community groups.  For more information on Money for Life, please go to: www.moneyforlifeprogramme.org.uk

Calendar

24 Feb 2012: Grant applications close
16 March 2012: Closing date for uploading your project
22 March 2012: Nation finalists announced
4 April 2012: Wales Final, Cardiff
week of 21 May (tbc): UK Final, London

More information

For general enquiries, please contact moneyforlife@bluerubicon.com
Key contact in Wales: Julia Owens, ColegauCymru / CollegesWales T: 029 2052 2500