Llamau Response
to Consultation on a proposed Financial Education and Inclusion
(Wales) Bill
Introduction
Llamau is a
registered charity working across Wales with homeless young people
and vulnerable women. Llamau seeks to resolve immediate
homelessness and prevent future homelessness and vulnerability by
supporting vulnerable people to gain the skills and confidence they
will need to live independently within the community of their
choice.
We
currently operate a range of services across Wales that work with
people who are experiencing homelessness or that help prevent
homelessness, these include - supported housing projects, domestic
abuse refuges, young person’s housing advice projects, family
mediation, assertive outreach projects working with the most
disadvantaged 14-19 year olds, a prevocational training programme
that works with the most excluded NEET service users to gain
qualifications and become work ready. We also have two YJB Cymru
projects researching better outcomes for young people who are
homeless. In addition we have two social businesses run with our
service users and are working with Cardiff University researching
the issues that young people who are homeless face to better
understand these issues. We welcome the opportunity to respond to
this consultation.
Consultation
Questions
-
Llamau agrees that financial education should be a statutory part
of the curriculum, it is important that young people learn the
responsibilities that they will take on as they get older such
as
paying any weekly rent, service charge and any utility costs as
well as budgeting for food and living expenses.
-
As above
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Money and financial matters are extremely relevant to what young
people should be learning at school; it can also help their
understanding of the pressures their parents/carers are
facing.
-
If financial education becomes a statutory part of the curriculum,
schools should have core areas that they must follow for example a
core element of which is financial literacy. This
involves looking at families normal existing loans or other debts
as well as any rent arrears. Understanding of the dangers of
debt is essential. This should include understanding of
street lenders, pay day loans and loan sharks. Llamau would suggest
there is a need to educate and encourage safety when taking out
loans and would propose that institutions such as credit unions
should be explained.
-
Llamau believes there should be a statutory duty to ensure
financial education is delivered during compulsory education from
Key stage 2 onwards, this would ensure that the more vulnerable and
marginalised groups, i.e. those in care, YOS or on seclusion would
get this essential element delivered.
-
Llamau believes that making the financial education as relevant and
as close to real life as possible is essential, using real life
examples, whilst taking into account the development in the
financial industry would be useful, the primary purpose must be
financial literacy and being able to handle their own personal
finances.
-
Llamau think it is important to consult relevant stakeholders in
order to come up with a framework that is relevant to everyday
living and not too theoretical.
-
Apart from the school and education establishments, it is important
to link in with the financial inclusion projects that are embedded
within the community and are working with real families. CHC,
Cymorth Cymru and organisations like Llamau work on the sharp end
of problems for families and vulnerable people which can lead to
homelessness. It is vital that these elements are brought into the
curriculum, it is also vital that issues such as financial control
and cohesion are recognised to ensure cross curricular awareness of
other issues such as Domestic Abuse.
-
Llamau agrees that there should be a duty on Welsh Ministers to
review the progress of financial education in schools and produce
an annual report.
-
Llamau believes this should be allocated to Estyn within the
inspection framework, however further thought is needed to consider
how to ensure this is imbedded for young people who are not in the
education system, therefore this must be also included in the
Supporting People (SP) audit framework for homeless young people
and also in the Local authorities NEET framework.
-
Llamau believes that it is entirely appropriate to require
universities and further education establishments to provide
information to student about where to get advice about financial
management, however Llamau believes it would be prudent to go a
step further and require universities and further education
corporations to have working links with bodies such as credit
unions and CAB which can ensure there is a preventative approach to
understanding and managing money.
-
Llamau believes that student support is something that all
universities and further education corporations cover in their
prospectus, therefore the proposal is an extension of the pastoral
support that is provided, given that students are acknowledged to
be financially stretched and more likely to take out loans with pay
day lenders even though they should not be able to, it is essential
this requirement is placed.
-
Llamau agree that there should be a requirement for each local
authority to have a strategy outlining how it intends to promote
financial inclusion and improve the financial literacy of its
residents, In addition to the measure suggested Llamau would also
suggest that not just the engagement but the promotion of credit
unions to local residents is a practical way of ensuring
information is there for all residents.
-
Please see above
-
Please see above
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Llamau agrees that there should be a report on how financial
inclusion strategy has been implemented; however as this is a cross
sector cutting issue it should be down to LA on the
format.
-
Llamau agrees that there should be a monitoring and enforcement
arrangements in relation to the financial inclusion
strategy.
-
Llamau believes that guidance is an essential aspect in ensuring
compliance with the Bill.
-
Llamau believes it is absolutely essential that the public can use
online facilities in libraries without having to pay. Local
Authorities should also provide free on-line facilities in any
office where members of the public come for any Local Authority
service.
-
Llamau believes that financial viability of libraries could be an
issue if it is only in these establishments where charging for
internet is used.
-
On-Line facilities should be free for connecting to any service
which the LA provides, e.g. housing, benefits, education,
etc. Leisure activities such as researching family
trees etc. would not fall into the free service
category.
-
It is absolutely essential that there is a strong requirement to
provide specific financial support to all vulnerable and excluded
groups, these would include formally looked after
children.
-
Llamau believes that it is essential that local authorities provide
specific financial management advice to individuals seeking
assistance in the related matters; however this should be more than
advice and information on websites. The local authorities send a
great deal of information out to residents and councillor’s
also send out a great deal of material, there should be a
requirement that a high percentage of this should include
information of local credit unions, CAB and other relevant
agencies.