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ERIC Number: ED533799
Record Type: Non-Journal
Publication Date: 2006-Feb
Pages: 24
Abstractor: ERIC
Reference Count: 7
ISBN: N/A
ISSN: N/A
An Assessment of the Training Needs of Financial Capability Practitioners
Basic Skills Agency
The Basic Skills Agency, funded by the DfES, has been developing the use of a financial context as a way of teaching literacy and numeracy to adults. SAFE, an initiative of Toynbee Hall's Adult Advice and Education team, is dedicated to providing practical services to promote financial capability and to increase financial inclusion. Joint work identified a gap in the training needs of practitioners in how to deliver financial capability. This included the fact that there is currently no formal or professional standing for this emergent discipline and that knowledge about training, practitioners, accreditation and location were still matters to be determined. This need was identified as specifically distinct from that of financial advice training aimed at advice workers and not generally available to tutors or trainers in the education sector. In response to this, SAFE established the Financial Literacy Accreditation Working Group, made up of key stakeholders, to develop a joined-up approach. The group commissioned London Metropolitan University to carry out an assessment of the training needs of practitioners to deliver financial capability. The research was conducted within the wider context of financial inclusion and capability activities, including the Financial Services Authority's National Financial Capability Framework, which aims to improve the nation's knowledge and understanding of personal finance. This report establishes that there is a definite need to develop training for practitioners on how to deliver financial capability. This training should be developed between levels 2 and 4 on a progressive basis in line with other national training requirements. There is a need for the curriculum to include generic as well as specialised training to meet the needs of the different sectors in which the practitioners are involved. There is also a need to explore financial capability training through embedded methodology such as literacy and numeracy. The report recommends that a pilot programme of training be undertaken as this would provide insights into the deliverability of the training if it is rolled out. This pilot should also be fully evaluated. Ideally the training should be accredited. This would enhance personal development, confidence development and standardisation, as well as contribute to the "professionalisation" of the discipline. It would also allow for a national roll out and assist with mainstreaming the training. Training should include awareness around different cultural attitudes and practices in relation to financial capability and financial products. The research proposes an ongoing evaluation of the training once it is established on a wider basis for purposes of quality assurance. The research also recommends that a network of new and current trainers be mapped, established and supported to enable an ongoing dialogue and sharing of ideas, best practice and resources. Appended are: (1) Survey; (2) Principles governing the research; and (3) Competency areas identified in the Adult Financial Capability Framework.
Basic Skills Agency. Available from: National Institute of Adult Continuing Education. 21 De Montford Street, Leicester, LE1 7GE, UK. Tel: +44-116-204-4200; Fax: +44-116-285-4514; e-mail: enquiries@niace.org.uk; Web site: http://www.niace.org.uk
Publication Type: Reports - Research; Tests/Questionnaires
Education Level: Adult Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Basic Skills Agency (England)
Identifiers - Location: United Kingdom (London)