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Financial Capability
Being financially capable means having the skills and confidence to manage your money and use it wisely. It means being prepared for a rainy day, saving in a safe place, having the appropriate insurance cover, being prepared for your retirement and knowing how to get independent financial debt advice if it is needed.
Managing money: how does Northern Ireland add up?
The Financial Capability Partnership NI
Financial capability schools quiz
Managing money: how does Northern Ireland add up?
Consumer Council research shows that consumers here are bottom of the UK league when it comes to having financial savvy:
- Almost a third of people believe they are only one month away from financial hardship should they face an unexpected expense or drop in income
- Half did not hold any insurance to cover loss of income or property
- More than a quarter of people said they did not use any information at all prior to choosing a financial product such as opening a bank account, taking out a loan or getting a mortgage.
- One in five people felt it was not important at all to keep up to date with financial matters.
Click here for the full research report: Managing Money – How Does Northern Ireland Add Up?
The Financial Capability Partnership NI
The Consumer Council leads the Financial Capability Partnership NI which brings together Government, banks, building societies, credit unions, education, community and voluntary sectors to ensure that we all help consumers in Northern Ireland to manage their money and make it work best for them. The overall vision of the Partnership is: Together create more financially capable people in Northern Ireland and be able to measure change. The Financial Capability Partnership NI is led by the Consumer Council.Click here for a list of members.
Work of the Financial Capability Partnership NI
The Financial Capability Partnership NI provides free training, support, guidance and resources to schools, the further education sector, business and community sectors across Northern Ireland. This work is detailed in the information below:
Post-Primary Schools (2011) - pdf
Further Education (2011) - pdf
Financial capability schools quiz
Following the changes to the Northern Ireland Curriculum in 2007 the Consumer Council ran a pilot quiz for Year 8 pupils aimed at developing financial knowledge, skills and responsibility.
Now you and your pupils can try the quiz in your own classroom -just click on this link to download a copy of the question booklet. You can also print and personalise a certificate for each child who takes part in the quiz.
If you would also like a copy of the answers please phone the Consumer Education section at the Council on 028 9067 2488.
Money Week
Money Week is an initiative from the Financial Capability Partnership NI to provide practical help and innovative solutions for consumers to help make their money work for them. The first ever Money Week was launched in Coleraine in 2008 in partnership with the local council. Money Week was then held again in Fermanagh in 2010. These two Money Weeks were such a success that we decided to run it again, this time in Craigavon in 2012.
Welcome to Money Week 2012
The Financial Capability Partnership NI, in association with Craigavon Borough Council launched Money Week 2012 on Saturday 25 February in Craigavon. Money Week 2012 was a week-long series of events across Craigavon which were designed to help consumers take control of their money and make it work harder for them.
Members of the Financial Capability Partnership NI include banks, building societies, credit unions, advice agencies and educational bodies (see below for full list).
For a full brochure of events which took place please click here
Money Week 2012 Launch Event
Photo caption from 23 February 2012
Northern Ireland's third 'Money Week' got underway today (23 Feb) in Craigavon. Money Week is delivered by the Financial Capability Partnership NI, which is led by the Consumer Council, and runs from Sat 25 Feb to Fri 2 March. It comprises a series of free events from a Money Market being held in Portadown's High Street Mall, to a Pensioner's Parliament and cost efficiency cookery demonstrations - all designed to give local people the skills and confidence to manage their money better. More information is available at www.consumercouncil.org.uk/money-week/ Pictured with the First Minister Peter Robinson and Antoinette McKeown, Chief Executive of the Consumer Council are Killicomaine Junior High School pupils Kamran Shuaib and Rachel Griffin.
Money Market, Saturday 25 February, 10.00am to 5.00pm
Money Week formally kicked off with a Money Market in the High Street Mall shopping centre in Portadown. The Money Market brought together members of the Financial Capability Partnership NI to provide free information and resources to help consumers take control of their finances. The Money Market provided a friendly, informal way for consumers to talk to knowledgeable advisers who were able to offer help to those who had concerns about managing their money.
EU Year for Active Ageing and Solidarity between Generations
2012 is the European Union Year for Active Ageing and Solidarity between Generations. As part of this, the Consumer Council hosted a special event to bring together young and older people. This event happened during Money Week and saw members of Seagoe Youth Group meet with Killicomaine Older People's group to discuss payment methods for goods and services. For more detail, please click on the link above to download the Money Week brochure.
Who is the Northern Ireland Financial Capability Partnership?
Advice NI
advice4debtNI
Age Sector Platform
Bank of Ireland
Barclays
Chartered Institute of Housing (CIH)
Citizens Advice NI
Consumer Credit Counselling Service
Council for the Curriculum Examinations and Assessments (CCEA)
Department of Employment and Learning
Department of Enterprise, Trade and Investment
Educational and Guidance Service for Adults (EGSA)
First Trust Bank
Housing Rights Service
HSBC Bank plc
Institute of Financial Planning
Irish League of Credit Unions
Money Advice Service
Nationwide
Northern Bank
Northern Ireland Committee, Irish Congress of Trade Unions
Northern Ireland Council for Voluntary Action
Northern Ireland Court Service
Northern Ireland Housing Executive (NIHE)
Office of First Minister and deputy First Minister (OFMdFM)
Omagh Independent Advice Services
Progressive Building Society
Queen’s University Belfast Students’ Union
The Consumer Council
The Community Foundation for Northern Ireland
The Open University
Ulster Bank
UlsterFederation of Credit Unions
Universityof Ulster Students’ Union
Your Money Garden Financial Education Project
Do you need a money makeover?
Here are some simple things you can do today to make your money go further:
Work out your budget- download our budget planner to work out what money’s coming in, what’s going out and where you can make savings.
Start the savings habit -even putting a little bit aside can make a real difference, so start planning for tomorrow.
Shop around –you could save money by shopping around for the best deals on current and savings accounts, mortgages, insurance, credit and store cards.
Make your voice heard –we could all have over £219 a year if we complained about faulty goods and shoddy service.
Sitting on a small fortune? - There is £12 million in forgotten bank accounts and building society accounts here and £6 million in Ulster Savings Certificates. Visit www.mylostaccount.org.uk or www.dfpni.gov.uk for information
Don’t bury your head in the sand - If you’re worried about money or struggling to make ends meet, don’t keep it to yourself - get help early.
