Vulnerable reap rewards of financial skills training

Through its Financial Skills for Life programme, young parents, care leavers, mental health service users and refugees have been trained to be better equipped to head off potential debt problems.

“Many people have poor financial skills and it is in everyone’s interest that consumers are well informed and confident about making major financial decisions,” said Sir David Clementi, chairman of Prudential, which helped fund the programme.

Citizens Advice says that it treated 1.25 million people for debt-related problems last year, accounting for a fifth of all enquiries as Britons’ debt problems worsen.

By educating people, especially those most likely to be at risk of debt, 6,000 were said to have benefited from the scheme and shown a greater understanding of budgeting and entitlements.

Praising the success of the pilot programme, the organisers now hope to extend the scheme to help even more people with debt problems in England and Wales.