Next steps to help financially literacy following Fair Debt Summit

15 September 2021

Thurrock Council is starting to expand plans to rollout lessons on budgeting and money management to pupils and adults entering their working lives, building on the work of the Fair Debt Summit.

Members of the Corporate Overview and Scrutiny Committee heard that after the pilot in 2019, the scheme has been forced to go on hold due to coronavirus, but plans are now being built on the initial successes to expand the scheme to more young people and adults through Thurrock Adult Community College.

Possible ideas include setting a challenge for young people taking part in a future Thurrock's Next Top Boss to identify ways to deliver financial literacy lessons to schools and colleges.

Cllr Shane Hebb, Cabinet member for finance and champion of the scheme, said: "We have worked with Thurrock Adult Community College to build a package which is designed to develop and nurture financial capability for those entering the world of work, bills, rents and mortgages.

"This programme supports our ongoing commitment to working in partnership with our schools and colleges.

"We had an extremely positive response from students taking part in the pilot – they have told us they want to know more about mortgages and interest rates so we will look to tailor future courses to include that information.

"These are uncertain economic times, and we will put efforts to developing and expanding what we are doing to help prepare young people for their financial futures."

Cllr Sue Little, Chair of Corporate Overview and Scrutiny, said: "Cllr Hebb's new holistic approach to debt regarding our most vulnerable residents and youngsters is inspiring, teaching in our community is so important. 

"We all know debt is an alarming path to follow and can be soul destroying. Engaging with our partners, early intervention teaching and encouragement are key. We as a committee will be following this initiative along its journey and will receive feedback early next year."