Financial Skill & Participative Budgeting in Wales

Led by pfeg, with its partners EdComs and Youth Cymru, this falls within the Reach for Heights suite of strategic projects, led by the Welsh Government,  designed to provide young people with skills that will help them to remain engaged or re-engage with employment, education and training.

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The project
Duration: 
October 2011 to March 2012
Project brief: 
To aid the development of financial skills and decision making by young people in Wales through developing resources, training and by piloting opportunities for young people to be involved in financial decision making.
The funding
Funded by: 
Funder brief: 
The Welsh Government adopted the United Nation Convention on the Rights of the Child (UNCRC) as the basis of all its policy making for children and young people in 2004, positioning its over arching strategy for children and young people aged 0-25 within a UNCRC based framework. As part of its periodic review cycle the United Nations Committee on the Rights of the Child examined the UK Government in September 2008 to see how well it is protecting children’s human rights. One of the areas identified for further development is the area of Children’s Budgeting; this includes the need for young people to be involved in budget decisions and to gain the financial skills to be able to do so effectively. It was on this basis that the Welsh Government issued an Invitation to Tender which pfeg successfully bid for as the lead member of a consortium with its partners Youth Cymru and Edcoms.

Split into two main areas, the project was designed to provide young people with skills that will help them to remain engaged or re-engage with employment, education and training.

The first area of the project involved mapping existing resources available for promoting financial literacy and capability in Wales in different settings (non formal and formal) with young people of all abilities, primarily within the 11-19 age range, and access a range of social circumstances. This informed the development of a new resource which was then piloted with a number of groups, ranging from schools to alternative curriculum settings such as, youth services, pupil referral units and young offenders institutes, across Wales in Autumn 2011.

The second area looked to build upon the general financial capability resource and further research was done into small scale examples of participative budgeting. Several of the pilot groups were then able to identify real participative budgeting opportunities within their groups including Christmas treats and an exchange visit to Turkey.

The facilitators of these groups had access to training and training materials so they felt fully able and confident to deliver to the young people. Ongoing feedback was collected throughout the pilot, from both the young people involved and the facilitators, which informed the final version of the resource.