FSA begins recruitment drive for university Money Doctors
FSA/PN/074/2007
20 June 2007
From tuition fees to loans and credit, students face more financial responsibilities today than ever before – but for many students, university will probably the first time they will have handled their own finances.
In recognition of this, the search is on for another 30 universities to take part in the Financial Services Authority's (FSA) rollout of its Money Doctors programme for the next academic year.
The Money Doctors initiative is a resource kit for student advisers containing a range of practical and innovative approaches to students' money problems. It forms part of the National Strategy for Financial Capability, led by the FSA and developed in partnership with Student Money Advisors in higher education institutions. Most importantly, the toolkit reflects the changing needs of students across the full academic experience – from fresher to graduate.
A series of road shows, supported by Abbey, will take the FSA's recruitment drive across the UK. They will be hosted by individual universities, and student advisers and counsellors from all higher education institutions in the region will be invited along.
Steve Stillwell, Education Policy Specialist for the FSA, said:
"The FSA is leading the way on Financial Capability. Its national strategy targets consumers at specific life stages with pertinent and practical financial information. Money Doctors is a key aspect of this approach.
"Too often, student advisers and counsellors only get to hear about students' financial concerns once they've reached crisis point. But the Money Doctors approach helps advisers broach financial issues before they've become a problem. The toolkit includes ice-breakers, budgeting, part-time work, accommodation and graduate finance – providing a big picture approach to money.
"For many young people, university will be the first time they've handled their own finances. Getting the key skills, such as budgeting and the prioritising of bills, under their belt can make a real difference to how students approach their future finances."
Notes for editors
- The Money Doctors road show is supported by Abbey.
The Money Doctors road show dates:
Tuesday 19th June - University College London
Friday 22nd June - Leeds Metropolitan University
Monday 25th June - University of Bath
Wednesday 27th June - University of Central England in Birmingham
Friday 29th June - University of Ulster
Tuesday 10th July - University of Manchester
Thursday 12th July - University of Edinburgh
- National Strategy for Financial Capability
- The FSA is working with partners to improve the financial capability of consumers at various points in their lives. Following careful piloting, and taking into account the results of the FSA's survey of current levels of financial capability in the UK, the FSA programmes focus on: children in schools; young adults in universities and further education colleges; young adults not in employment, education or training; employees in their workplace; and new parents.
- The FSA aims to reach at least ten million people in the five years from 2006/07 – 2010/11 and, to do so, will scale up these programmes significantly. To achieve this, the FSA will spend £17.1m in 2007/08 and £15- £20 million in each of the following years up to 2010/11 (compared to £9.7m in 2006/07).
- The Money Doctors Toolkit was developed with Roehampton University in 2004/5. It was then piloted with 18 additional universities (early developers) to hone its content:
Buckinghamshire Chilterns University College
The University of Central England in Birmingham
University College for the Creative Arts (at Canterbury, Epsom, Fareham, Maidstone and Rochester)
De Montford University
The University of East London
Kingston University
Leeds Metropolitan University
The University of Manchester
The University of Portsmouth
Queen Mary University of London
The University of Reading
The University of St Andrews
St Martin’s College (University of Cumbria)
The University of Surrey
University of Wales Swansea
Trinity College Carmarthen
University of York
The University of Westminster
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.