Schroders Personal Wealth has partnered with charity Groundwork to help disadvantaged communities in handling their finances as the rising cost of living starts to hit more Britons.
SPW has partnered with Groundwork, a charity which aims to support disadvantaged communities in the UK, by creating a tailored financial training programme to help their employees support local communities.
The 12-month programme aims to support up to 500 people in regions across England.
The programme, named “Money Mentor” has been designed to upskill Groundwork employees in financial confidence, enabling them to provide practical guidance for those in need.
Graham Duxbury, Groundwork’s UK chief executive, said: “Now more than ever it’s vital that we help people take more control of their finances.
"In a cost of living crisis we need to do everything we can to ensure people have the skills and support they need to make their money go further, while providing information about the debt relief services and other support they can access.”
The programme aims to increase financial confidence and resilience amongst those supported by Groundwork.
It has been dubbed the ‘train the trainer’ model, which means training will be given to Groundwork employees who work on existing youth, employment and community projects, enabling them to offer the expertise to the people and communities they work alongside.
Helen Thomas, chartered financial planner and education champion for the PFS, delivering financial education to school children, commented: "As a PFS education champion and advocate for financial education, it’s great to see companies like Schroders Personal Wealth actively trying to make a difference and offering financial training to people that would otherwise struggle to access it.
"I hope more people and companies follow suit to help their communities."
How the model will work
The model devised by SPW and Groundwork, aims to enable the charity to better deal with complex questions about debt and money management.
Those involved believe this support will enable people to feel more informed about their financial choices and available services, as well as instilling a sense of confidence as people learn the skills to be able to take control of their finances.
Marietta Connery, people director at Schroders Personal Wealth said: “We are committed to being a responsible business and making a positive contribution in our communities and wider society.
"Our partnership with Groundwork aligns perfectly with our strong belief in the importance of financial wellbeing and education which we believe, now more than ever, is such an important topic and one that we feel incredibly passionate about.
Expressing a hope the comprehensive training programme will make a real difference in the community, she added: “We believe this partnership will help increase the general level of financial literacy in communities across the UK.”
calum.kapoor@ft.com
