FSA announces funding for three development workers for the Scottish Centre for Financial Education
28th March 2007The Financial Services Authority (FSA) has announced funding for three new positions within the Scottish Centre for Financial Education (SCFE), which is part of Learning and Teaching Scotland, to help develop financial education resources to meet the needs of the new Scottish curriculum.
From September 2008, financial education will be given significantly more weighting under the new Curriculum for Excellence. In preparation for this, the FSA wants to help the SCFE build on its existing capacity to provide direct support to schools and local authorities by funding three development officers. Their role will be to train and support teachers so they feel confident and capable in delivering financial education lessons.
Financial capability is low across the UK and intervention at an early age is the best way to ensure tomorrow's adults will be able to manage their finances well. The need for a step change is illustrated by figures taken from the FSA's baseline study which show that Scotland is failing to plan ahead for retirement or an income shock.
In Scotland:
- 82% have not considered making financial provision for retirement. Only 18% have;
- Yet, 63% are confident their retirement income will give them the expected standard of living;
- 74% have not considered making financial provision in case of an unexpected crop in income;
- 65% agreed they would rather have a good standard of living today than in retirement.
Speaking today at the Scottish Centre for Financial Education Conference, Vernon Everitt, FSA Director of Retail Themes, said:
"We are pleased to be funding these three positions with the SCFE and look forward to working closely with our partner.
"Helping teachers feel capable and confident in delivering lessons on practical financial matters is a key element in ensuring that tomorrow's adults can manage their finances well."
Two of the posts, to be based in SCFE's Glasgow and Dundee offices, are due to start this year, with the third to be filled in April 2008.
The FSA launched the National Strategy for Financial Capability in 2003, managed by a steering group, to develop and implement a strategy to improve consumers' ability to make financial decisions with confidence. Working with partners, the FSA is running a number of programmes focusing on children in schools; young adults in universities and further education or not in training or employment; employees in their workplace; and new parents.
