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Money Trainers Bromley by Bow Centre Generously supported by.

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Presentation on theme: "Money Trainers Bromley by Bow Centre Generously supported by."— Presentation transcript:

1 Money Trainers Bromley by Bow Centre Generously supported by

2 This is Canary Wharf This is the Olympic Stadium This is Bromley by Bow Where is this?

3 This is Charles Booth He was a social researcher In 1889 he created a poverty map of London One of the hotspots of deprivation was Bromley by Bow It still is

4 This is Bromley by Bow today »low levels of resilience »child poverty »chronic ill-health »high levels of financial vulnerability »over-crowded and poor quality housing »high unemployment »large family size »debt collectors and the informal economy »low incomes

5 But this is also Bromley by Bow

6 And this is Bromley by Bow too

7 Last Wednesday

8 Last Friday

9 What does the Bromley by Bow Centre do? »Bromley by Bow Centre Independent charity £4m turnover, 150 staff Operating on 23 sites 2,500 clients per week Learning Centre – Day care Centre – Social Welfare Advice Centre – Arts Centre - Integrated health and wellbeing programmes – Legal Advice service – Financial Capability – Employment service Beyond Business - incubated 41 social businesses in 7 years, 35 still trading. Turnover in excess of £4 million and created over 250 jobs »GP Practice 3-4 sites with over 23,000 patients and turnover in excess of £4m – including a seven day per week 8am – 8pm walk-in service »And Bromley by Bow Church in Community, Bow Childcare and Poplar HARCA and FoodCycle

10 Money Trainers

11 Issues we were seeking to address »Low levels of financial resilience in the community »Case analysis from our Social Welfare Advice service suggested that people were delaying seeking help with financial difficulties until the last possible moment »Saving in our community is rare; debt is widespread »Bromley by Bow Ward has 95% level of financial vulnerability, according to statistical modelling by Experian, and ING direct produced modelled estimates of household savings at local authority level show very low levels in our community

12 What we wanted to achieve To increase the number of people who save and the levels of savings Develop a cohort of local people, Money Trainers, with improved knowledge and understanding of financial capability and the skills to reach and support others in improving their financial capability To develop a series of engagement techniques and delivery methods that met local peoples interest and led to sustained involvement Use peer to peer training and mentoring support to improve the financial capability in a wide range of local people who would be unlikely to financially plan or save

13 What we wanted to achieve To support people who had poor financial management, including those who were at risk of getting into debt or who were in debt (including through referral from debt advice) To improve financial planning, budgeting and economising skills, understanding of priority and non priority debts, rationale and implications of borrowing and the importance of savings in creating resilience To encourage a change in attitudes towards saving, i.e. that even on a modest income one can save, and for such changes to lead to a change in behaviour To use the power of group dynamics and normative behaviour to support behavioural change

14 Methodology Based on the Health Trainer model Volunteer led Intensive training for local people in money management, outreach, mentoring and group facilitation Establishment of activity groups 1-2-1 support Engaging with those who dont usually seek or access services

15 What we did Trained 43 people to become Money Trainers (26 local people, 17 front line professionals) Delivered a series of intensive training courses in money management, outreach, 1-2-1 support and group facilitation Follow up support given to the Money Trainers in the field through individual coaching and further group training Establishment of 17 Money Trainer activity groups including cooking on a budget, food growing, summer fun family programmes, beauty on a budget, home made cosmetics and beauty treatments Money Trainers provided 1-2-1 mentoring support Supported people create savings plan Supported people to open Credit Union accounts

16 Beauty on a Budget

17 Grow your own for free

18 Healthy eating on a budget

19 Summer fun family group

20 Challenges Recruiting and keeping some Money Trainers after the training High expectations of Money Trainers to deliver In the activity groups, getting the balance right between the activity and the money management content in the groups Monitoring savings and change in behaviour in participants

21 What worked Intensive training, initial two day training programme – people opened up and relationships formed Group activities – people drawn to the group because of activity, peers shared experiences and encouraged behavioural change Money Trainers worked best in supportive environments such as; parents groups at Childrens Centres and schools, the Bromley by Bow Centre, including our park for the summer fun programme, and its allotment beds for growing groups and our community café for cooking and healthy eating groups Training front line staff to support volunteer Money Trainers and/or to become Money Trainers themselves Training of front line staff led to the theme of financial capability being elevated within organisations such as Childrens Centres, schools and community centres

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