Financial Capability Mark Brangwyn Head of Community Services London Councils

2 FINANCIAL CAPABILITY Better Financial Capability enables people to: 1.Keep track of their money 2.Make ends meet 3.Plan for the future Better Financial Capability is essential to effective Financial Inclusion It enables people to choose financial products that meet their needs and to use them with skill and confidence

3 London Councils and Financial Capability London Councils Financial Inclusion Programme Manager Su Holmes Part of the DWP Financial Inclusion Team for London led by Yasin Ahmed of Toynbee Hall

4 London Councils and Financial Capability Mary Hill Principal Policy and Projects Officer for Child Poverty Part of London Councils Prosperous Communities Team led by Head of Economic Development Dianna Neal

5 London Councils and Financial Capability Peter OBrien Commissioning Manager 16 to 19 Regional Planning Group Further Education in London

6 London Councils and Financial Capability Janet Roxby Housing issues London Councils Sustainable Communities Team

7 Local Housing Allowance Cap CENTRAL LONDON 9719 families will be affected by reduced housing support in Central London boroughs The average shortfall for a family will be £87 per week Some families will lose up to £641 per week

8 LHA Cap: cross-London Impact 159,000 households will be affected 82,000 households may face eviction for rent arrears 4,800 families could be accepted as homeless Over 25% of all private landlords are set to remove some or all of their properties from the benefit market

9 More information on LHA Cap Download 16 July 2010 London Councils press release and briefing note: Consult London Councils Sustainable Communities

10 London DWP Financial Inclusion Champions Team Working borough by borough to promote Financial Inclusion as a key issue Developing a Financial Inclusion Toolkit for London Local Authorities Alerting boroughs to free, impartial and reliable sources of materials to promote Financial Capability locally

11 Financial Capability -the aim Less debt, fewer evictions, less disrupted schooling, fewer people with illness due to money-related stress More money spent locally and less paid to service debt to Loan Sharks and Door Step Lenders Every Londoner able to keep track of their money, make ends meet, and plan for the future A greater sense of well-being for people, families and communities

12 The Ask Share good practice by participating in the development of the forthcoming London Councils report on Financial Inclusion and Financial Capability Increase Financial Inclusion and Capability locally by committing to action…

13 Financial Capability - examples Promote My Money Week to schools Display CFEB Money Made Clear Booklets in libraries etc Create link from borough website to websites such as Provide money management training for people who owe money to the Authority Book CFEB Money Made Clear Money Guide sessions

14 Programme for Today Briefing Round Table Discussions Feedback Plenary

15 Follow up Feedback via evaluation forms Contact your FI Champion Contact your CFEB Manager Use the Financial Inclusion pages on the London Councils website Support action to promote Financial Capability in your borough Spread the word about what your borough is doing to increase Financial Capability locally, by providing information for the London Councils On-line Report