Local families see the value of financial learning programme

A local family learn financial skills through the Family Fortunes programme

Family Fortunes is a financial learning programme that primarily targets families with children aged seven to 11-years-old and with English as an additional language.

The idea behind teaching adults and their children these financial lessons during school sessions is to help families have a greater understanding, and therefore greater control, of their personal finances; improving the financial stability of the area from a grassroots level.

As many families with English as a second language typically leave finances to male leaders of the family, the Family Fortunes programme offers a vital gateway into expanding the knowledge to the rest of the household. Specifically, the programme helps families understand budgets, saving techniques, financial jargon, bank statements/bills and what a 'need' is vs a 'want'.

Hanila Nadim, a tutor at the Family Learning Service, described the positive impact the programme has had on local families: "The Family Fortunes programme has proven to be a vital opportunity to enhance the knowledge of local families when it comes to their own finances.

"Whether that's through helping them to understand the value of the income, giving them advice on how to get the most whilst spending the least or by improving their basic maths skills to allow them to work out percentages - they have the ability to become much more financially independent.

“By introducing children and parents to spending diaries, savings advice websites and budget management techniques through digital platforms, we are also broadening the horizons of what they can discover themselves.

“One family reported back that they have since learned to only withdraw £20 in cash for their shopping, restricting them from overspending. Small lessons such as this add up to form a much bigger picture.

"Often it is believed that the solution to money problems is to have more money. We're trying to teach people of all ages that in actual fact, being smarter with what you have can be a better long-term solution."

Family Fortunes is delivered by the Family Learning Service, supported by the Money Advice Service, Campaign for Learning and financed by Hopwood Hall College.