Francesca Crisante from MyBnk’s Monitoring and Evaluation Team on our new research
Being able to manage money is a vital skill which is often overlooked by mainstream education, so many young people lack the knowledge to make financial decisions confidently. And for young people leaving the UK care system, who may not have the financial safety net of family, learning how to manage money is essential.
Gathering data from a UK-wide freedom of information requests to local authorities and surveys and interviews with care leavers and care professionals, our national research shows 67% of care leavers feel anxious about money and 80% want more help managing their finances. This is despite financial education forming part of the ‘pathway plan’ to help care leavers transition to independent living, and 96% of local authorities saying they offer money management support,
Financial education and care leavers in Scotland
Our research on care leavers’ access to quality money management support was carried out across the UK. We then analysed the data specifically for Scotland, publishing a Scotland-specific report. This looks at the support needs and experiences of care leavers in Scotland while taking into account differences in the policy landscape.
We found some differences in practice between local authorities, but broadly some of the anxieties and obstacles young people experienced resonated with our national findings.
“They were helpful but not always available… that was the main problem.”
Young person – Central Scotland
What’s next?
We’re working to share our research and findings with organisations across Scotland, including receiving feedback from the National Leadership Network, which is led and directed by young people and individuals with care experience.
Our Regional Partnerships Manager, Gemma Orr, and our Lead Trainer for The Scotland Money House, Lizzy Wilson, will attend the Scottish Throughcare and Aftercare Forum Summit 2023. The Summit gathers senior leaders, care experienced young people and practitioners from across the country to share approaches to policy and practice when working with care leavers.
We’re actively looking for ways to use the research in Scotland to highlight the gaps in financial education. It has already opened up conversations, such as with the Care Inspectorate and the National Leadership Network. We’re also sharing it with our network at CELCIS.
We hope the findings, conclusions and recommendations from our research will be beneficial for individuals and organisations who want to better support young people with care experience.
To find out more about the research or our work in Scotland, please contact gemma.orr@mybnk.org.
