Money for Life Challenge: all competitors at the Wales Final 2014 held at Welsh College of Music and Drama with host Jason Mohammad

Money for Life

The Money for Life Programme was a UK-wide partnership between Lloyds Banking Group, the Money Advice Service and Further Education (FE) sector partners. The programme aimed to embed vital money management skills in FE institutions and community groups across the UK.

The partnership in Wales

The programme was managed in Wales by ColegauCymru/CollegesWales. In addition, CollegesWales partnered first with NTfW and then with Youth Cymru to promote the Money for Life Challenge in Wales.

The purposes of the programme were to:

  • Embed personal money management skills and financial capability in further education and community groups, and by doing so, leave a sustainable impact on the sector
  • Raise awareness of the importance of money management skills, benefitting both practitioners and learners
  • Address barriers to financial capability for a range of learner groups
  • Train Lloyds Banking Group employees in order that they can support financial education in their local communities

Qualifications

The Money for Life programme provided training resources and accredited qualifications to enable those interested in financial capability training in FE institutions and community groups to become more knowledgeable about financial management and confident in their ability to pass on their knowledge to learners.

The Money for Life Challenge

The Money for Life Challenge was a UK-wide competition which provided small grants for 16 to 24 year olds to run a project to improve money management skills in their communities. The most inspiring and impactful projects progressed to the National Finals and the UK Grand Final, with great prizes on offer.

The Challenge empowered learners in further education, training or community organisations to develop innovative, grass-roots money management solutions. Financial literacy is not part of the compulsory curriculum for post-16 learners but young people and their communities can be vulnerable without these life skills.

Born in Wales, the Money for Life Challenge was created by Lloyds Banking Group in consultation with further education and community partners across the UK.

It was managed in Wales by ColegauCymru / CollegesWales. To help us achieve the widest reach possible in Wales, CollegesWales partnered with NTfW (2012-2014) and Youth Cymru (2015) and witnessed over 250 teams of young people getting involved by developing their own money management skills and raising awareness of financial capability in their communities.

The Wales National Final 2015, held at the Doctor Who Experience in Cardiff, saw 11 teams in the final stage of the competition. Congratulations to team D.O.S.H – (Defining Our Spending Habits) from Acorn Learning Solutions, who won the Wales title, and team Gym Value for Money from Coleg Gwent, who won the People's Prize.

Watch the highlights of the day:

On a roll, team D.O.S.H went on to compete against the winners from the other UK nations at the UK Grand Final in London on 28 May - and won the UK title, too!

Legacy Grants

The 51 National Finalists from across the UK were given an opportunity to develop their projects further through applying for a legacy grant.

The legacy grants 2015 saw the close of the Money for Life Challenge.

CollegesWales' Rachel Dodge, manager of the Money for Life Challenge in Wales, considers here the highlights and achievements of the Challenge.

You can take a peek at the highlights of the Money for Life Wales Final, where 11 teams took to the stage to explain their projects in the company of guests and compere Jason Mohammad at the Royal Welsh College of Music and Drama on 15 May 2015.

It was a lively day with lots of good cheer, encouragement and celebration.

Congratulations in particular to the winning team, Fashion on a Budget, from East Llanedeyrn Community First Partnership, and to Broke But Beautiful from Bridgend College which won the People's Prize.

Legacy Grants

Lloyds Banking Group awarded a Money for Life Challenge Legacy Grant of £1000 to each of six teams across the UK in 2014, with two of the grants coming to projects in Wales.

Congratulations to Cadwyn Moneysmart and V21 Financial Independence teams - the two teams from Wales that have been awarded a legacy grant.

All 11 teams in the 2015 final will also be in with a chance to be awarded a legacy grant to further develop their projects in order to have an even bigger impact on their communities.