Creating Opportunities Through Financial Independance
Building on the success of a previous project in collaboration with a local Housing Association, in which a young person was trained to support other young people understand money management, VANEL looked to improve the chances of young people in their communities through improved financial skills.
In order to achieve this, they ran a series of Financial Workshops across 2018 in order to support young people with their budgeting and finances. Across the year, 81 participants directly took part in the project, with many more benefiting indirectly from the support offered.
Without proper knowledge of how to navigate financial issues, it can be extremely difficult to hold down a job and support yourself. So, through this scheme, young people were given an understanding of a wage slips, National Insurance and other such documents, in addition to learning how to save to become self-sufficient when looking for rented accommodation. Without the knowledge of what is taken from their wage an assumption is often made they will have more money in their pocket than expected.
These skills are greatly transferable into the jobs market – with understanding finances and budgeting playing a big part in a number roles, even when not directly working in financial areas.