Lancaster partnership supports financial resilience for the next generation

The group were awarded funding from the MSE (Money Saving Expert) fund, Raising The Next Generation.

Royal London’s research in 2021 showed that 15.9m UK adults are more financially vulnerable as a result of the Covid-19 pandemic. One-third of those attributed the increase in financial vulnerability to a reduced income and one in five (19%) had a lack of savings to fall back on in the pandemic.

Jane Binnion of The Growing Club said: “The funding enables us to work with parents in Morecambe, in an area that has some of the highest levels of deprivation in the UK, with an aim of breaking the cycle of generational poverty.

“This innovative collaboration means that between now and March 2024 we can run small group work courses on financial skills with Tarnia Elsworth of TP Financial Solutions.

“Drop-in coffee morning sessions with Georgina Somerville of Green-Rose CIC, addressing energy poverty, which includes the option of home visits for energy advice and providing energy saving tools.

“In addition, Ebony Rebecca of Rose-Tinted Financials will provide one-to-one sessions to help families address personal debt and budgeting, plus a basic maths course for those who want to improve their numeracy.

“And The Growing Club will work with mums there who decide they want to change their employment situation and use their skills to move on from low paid insecure work.”

Before the summer break the group ran a pilot and the feedback included: “I like being given a sheet to write and be aware of everything that is coming in and going out of the bank.”

Tarnia said: “It is really important that firstly, we talk about money, and thereafter, people need the skills to make good decisions about personal finances.

“It’s a pleasure to be able to speak to parents to encourage them to be proactive with their finances. Knowledge is Power with anything to do with money.

“This work enables parents to set the example, so that the next generations can grow up more financially savvy, it’s great that we can team up with organisations like The Growing Club and MSE to help effect that change.”

Angela Barr of West End Primary said: “The team helped parents to feel reassured and relaxed from the offset, respectful to their personal circumstances offering one to one time to share any personal details or question they may have had in relation to their finances.

"Those who took part said they would definitely attend more sessions and encourage other parent too. Overall, an amazing partnership striving to support our families through financial hardship.”

The Growing Club will also be running open sessions at their base in Lancaster to provide additional support this winter.

Contact [email protected] if you would like more information about this.

The Growing Club designs and delivers employment and business skills training and support for women. For more information call 01524 383846.