QSA's award of up to £285,540 is to deliver financial education courses for people on low incomes in Haringey. This Futureproof project draws on the successful delivery of Made of Money courses and is designed to give people on low income the ability to manage their household finances. QSA will work with local schools, community groups and local employers to raise awareness of better money management, helping local residents address social and emotional influences so they can sustain the impact that Made of Money can have to stretch personal budgets that little bit further.
Judith Moran, QSA director described the project: "This project aims to reduce residents' stress and anxiety about their financial affairs. The worry and anxiety derived from family finances can be acute and we want to alleviate that as well as embedding messages about good financial management and budgeting within deprived communities"
The £1.5m One Borough One Future Fund was launched to tackle inequality across the borough by encouraging individuals and groups to come forward with innovative plans for better delivery of services.
Futureproof
Futureproof is a financial education project based on Quaker Social Action's award-winning Made of Money project. It will engage a broad spectrum of Haringey residents who are struggling to get by. Our distinctive approach combines practical advice and activities that help people to take control of their finances. We have a strong record of helping people on a low income change their attitudes to money, and improve their communication with other people, including partners and children within the home.
Futureproof will be delivered to groups of parents, tenants, employees and other Haringey residents using the award-winning Made of Money course.
QSA's Made of Money financial education course gives people the ability to manage their money on a low income. Working particularly with schools and community groups we help residents make informed financial decisions that will save them money. QSA also trains organisations to support their clients when the lack of money makes it difficult to address their specific needs.
Those who will benefit directly from Futureproof range from those on benefits and facing multiple needs, to people on a low income who are facing an uncertain future. Many intended beneficiaries are supported by the 200+ voluntary and community organisations across the borough. QSA has already successfully trained 288 practitioners across the UK to embed successful financial capability techniques in their own practice and this training will be offered to the voluntary and public sector.
How Futureproof works:
Futureproof will support clients to access specialist advice and support, helping participants assess the cost of loans, renegotiate debt repayment and switch providers, access benefits and social fund support, open basic bank accounts and credit union savings accounts. It provides improved financial stability for families taking control of their personal and household finances.
Financial inclusion underpins a number of important desired outcomes by empowering residents' participation. As financial worries ease, people are better able to contribute to shared goals, making choices that promote healthier lifestyles and reduce the likelihood of anti-social behaviour.
QSA will deliver financial literacy interventions, short sessions over a three- to six-week period. They focus on giving participants the self-resilience, confidence and communication skills to become more aware of marketing and more astute consumers.
Supplemented by individual one-to-one support, courses give participants the skills and aptitude they need to effectively prioritise their spending, set goals and plan accordingly using budgets, savings and appropriate payment methods.
