prevention is better than cure

As debt problems escalate and the number of people seeking help outstrips our resources to help them, Stoke CAB’s attention has turned to initiatives which can help prevent or reduce debt problems in the future.

To help people better understand credit and manage their finances more effectively Stoke CAB has been developing initiatives around financial capability.

In particular these targeting young people and we look forward to beginning sessions in the City schools from autumn 2008.

These sessions will be part of the PHSE curriculum to help prepare young people for the financial realities of life after school.

“We have been busy recruiting and training other young people, mainly in the 18 to 25 age bracket to deliver these sessions,” said Bureau financial capabilities co-ordinator Emor Porteous. “This has been funded by the V Foundation which promotes volunteering amongst young people and we felt that students might find it easier learning how to manage their money from other young people who share the same experiences rather than from adults who are often seen as lecturing young people on how to use their money responsibly.”

Stoke CAB has also begun running sessions aimed at developing the knowledge and skills of front line workers. In the last year we have run a couple of taster sessions and are looking to expand this area of work in the future.

“There’s clearly a very great need for this type of training and support for the many front line workers who ask us for advice on how to support the families and individuals they are working with,” commented Emor. “We very much look forward to developing this vital work in the future.”

Stoke CAB’s expertise in debt has been helping to develop the Staffordshire Credit Union. Chief Executive Simon Harris has been a member of the study group which has been responsible for overseeing the development of the Credit Union which is now awaiting formal approval by the Financial Services Authority.

“There has been an enormous gap in the finance market in Stoke on Trent for many years,” said Simon Harris.

“The need has been for a socially responsible alternative to the door step collectors and sub prime lenders who offer small loans at very high interest rates to the city’s poorest residents, who are unable to get credit elsewhere.

“Many people, excluded from high street credit facilities are driven into the hands of loan sharks and sub prime lenders because they have nowhere else to go when they need a loan. The Credit Union will provide an alternative to this.