11/05/07

FINANCIAL FUTURES LAUNCH

Bournemouth West M.P., Sir John Butterfill, attended the Barclays and National Children’s Home Partnership launch on Friday (11th May) at Kinson and West Howe Children’s Centre.

John said:  “I was very pleased to help launch this joint national initiative which is aimed to help vulnerable and excluded people improve their money management skills, make informed decisions about their finances and reduce money worries.”

Barclays Bank will invest up to £1.8 million over three years in the ‘Financial Futures’ initiative with NCH which will focus on families living in poverty, young people and socially excluded groups such as disabled children and their families and those in rural communities.

“It is an extremely disturbing fact”, said John, “that around 3.9 million children in this country live in poverty and their families often lack the basic skills necessary to allow them to manage their finances well and make the right choices.  Child poverty can have a devastating impact on the development of children.  For instance, there are around 1.9 million households which do not have access to a bank account and many of the parents, carers and young people that NCH work with have to manage on a tight budget.  Financial Futures aims to help them develop better budgeting skills, minimise debt and plan more effectively for their future.  It will also help disadvantaged young people to manage their finances and live independently.”

The target of the initiative is to reach 3,000 young people, parents and carers who use NCH services over the next three years.  They will be offered expert advice on issues like setting up a bank account, managing debts, dealing with an income or debt crisis and prioritising spending. 

John is pictured at the launch, explaining why the partnership of NCH and Barclays is so valuable to the community.