Bolton's Money Skills Service works with people to help them manage their money in a sensible way.
We do this by running training workshops based on financial matters.
In the sessions we cover a mix of activities which look to address money worries and offer practical advice and tips on how to deal with these matters.
What do our sessions cover?
- Budgeting and debt management - Planning a personal budget
- Understanding a wage slip and maximising income - looks at national insurance, tax and other deductions
- Understanding insurance - Do I need insurance? Is there an alternative?
- Loans and borrowing - What is the best and cheapest way to borrow money?
- Making an informed decision as a consumer - Getting value for money when shopping
- Calculating and paying a utility bill - Checking your gas and electricity bills and the best way to pay your bills
- Dealing with debts - sorting out what bills need to be paid first and how to deal with different debts
- Banking and saving - How to choose a bank account that is best for you and understanding a bank account
- Understanding energy costs and savings - What is a tariff? What can I do to reduce my energy bills?
The above sessions have been approved by the Assessment and Qualifications Alliance (AQA) Unit Award Scheme and our participants can receive a certificate to mark their personal achievements.
If you would like more information on sessions running in your area please feel free to contact us - see our 'Contact details' tab (top of page).
All sessions are FREE to local residents and run throughout the town.
What is our aim?
We aim to encourage adult learners to develop confidence and build personal financial skills and knowledge, thus sessions are specifically targeted to meet the needs of each client group we work with. We help people to help themselves.
Who do we work with?
Many of the people we work with are on low incomes and have often had some debt problems in the past. We work in informal community settings where people feel comfortable. We are aware of the range of difficulties which people may have with reading, writing and maths and exercises in sessions include games and other fun activities so no-one is made to feel uncomfortable or threatened. We are keen to ensure that participants enjoy sessions and humour is central both in the development and delivery of the workshops.
Why is 'Managing money the sensible way' important?
Research in Bolton and the North West has revealed:
- More people depend on illegal sources of borrowing such as loan sharks
- More people depend on other high interest money lenders
- Couples with children have the highest level of debt with money lenders; however, lone parents have greater difficulty keeping up payments
- Those living in the poorest communities often pay the highest interest rates for credit – 49% of lone parents use mail order and informal arrangements, as opposed to credit/store cards
- Many banks and building societies have closed community branches
- Financial services and products are often difficult to access and understand
- On many estates council and housing association tenants often have difficulty opening a bank account. 1.5 Million households in the UK don’t have a bank or building society account
- Half of us find financial leaflets hard to understand
- These problems can be worse for vulnerable people within a community