Tag Archives: Money

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Making a little bit of money go a very, very long way

It’s My Money Week and I have been hounding the good people at pfeg, the UK’s leading finance education charity for some case studies. From September financial literacy is going to be a compulsory element of the National Curriculum- and about time too.

I have talked to three schools which are all creating innovative projects for young people who are out of mainstream education and it is heartening to see how committed teachers are to developing money sense in the next generation.

The trouble is that so many of the resources schools have do not accord with life in the UK today. Budgeting and savings advice are all very well but they depend upon you having money to start with.

For those families trying to find their way through the maze of benefits there are no easy answers. If you are subject to the bedroom tax do you:
1 Move house and incur all those moving costs?
2 Stay put and lose 14% from your benefits?
3 Get a payday loan to tide you over and get a takeaway to cheer yourself up as you won’t be going out?

Pfeg and Money Saving Experts are doing an amazing job but it is an uphill struggle. Look at what Oxfam said last week:

‘Food banks are reporting that most of those accessing their services are low income families in crisis, many of which are working households. 62% of children in poverty are living in families where at least one parent has a job, indicating that wages are too low and that current Minimum Wage legislation is not adequate to lift people out of poverty through work.’

Walking the Breadline The scandal of food poverty in 21st-century Britain