How to offer budgeting workshops?

combeferret

Hello!

So I work as an elected student officer in a large Scottish college (20,000+ students). The basic gist of my job is that I am elected by students to work full time in the students association for up to two years doing things to benefit the student body as a whole. The job is extremely flexible, as I choose exactly what it is I want to work on.

We often get student inquiries (especially at the start of the year) about needing financial help with getting to class or paying rent, where we guide them to the funding team who make sure they are getting all the money they are entitled to. However, what I have noticed is that there is no where in the college that gives students advice on HOW to budget their money, or anything such as debt advice etc.

That's where I had an idea. As I spend all my time (I'm actually in my office as I type this) thinking about my own personal finance journey (I'm on track to pay off debt I've had since I was 18 (I'm 23 now) by Christmas!), I was thinking of using my unique job position to do some good. I often have friends ask me for money advice because they know it's a bit of a hobby of mine.

From a study in 2017, 64% of Higher Education students worry about their finances "all the time, or very often" so it very much seems there is plenty of work to be done in this area.

If want to use the upcoming academic year (August 2019 to June 2020) to teach some financial literacy to the students, is there anything I need to be aware of? I know in some places there are legislations that say you can't say you're a "financial advisor" because that requires certain qualifications that I don't possess. Or if I wanted to run "how to pay off debt" workshops, do I just need to say that "this is for information purposes only" so as to cover myself? Should I stick to just writing informational articles online?

Also, if anyone could point me in the direction of (particularly if they have a mental health focus) any financial charities that cover Scotland that I could contact for resources etc, that would be amazing. I have plenty of my own knowledge, but if there's some guidance online for teaching financial literacy that would be even better.

Any feedback on my idea would be really welcome!

Humdinger1

Combeferret

A brilliant idea! Not sure if this conflicts with your religious views, if any, but I've trained with Christians against Poverty to do just this. You're right, to give debt advice you have to be FCA authorised but the general budgeting course doesn't need this.

Good luck with it all

Humdinger

colsten

OP, you are quite right to establish what you are, and are not, allowed to do when it comes to talk to others about money. The last thing you want to end up with are claims against you from people who followed your 'advice' (even if it actually wasn't financial advice). Best perhaps to inquire with the FCA.

There's oodles of information online, too. Such as https://www.fca.org.uk/publication/research/fawg-consumer-explanations-advice-guidance.pdf or http://images2.moneysavingexpert.com/attachment/teen_cash_guide.pdf?_ga=2.266312399.1570041808.155 4390074-2047622635.1547836623

Another option would be that you familiarise yourself with a few of the budgeting apps such as Yolt or YNAB, and effectively become a salesperson for them. You'd obviously still need to know what you can and can't say, under FCA rules.

Owain_Moneysaver

The CAB offer outside access to e-learning, some training, and their Adviser Net system (for a fee). Wiseradviser (through Citizens Advice and Money Advice Service) offer accredited training

http://www.wiseradviser.org/scotland/mas-accreditation

jonnygee2

If want to use the upcoming academic year (August 2019 to June 2020) to teach some financial literacy to the students, is there anything I need to be aware of? I know in some places there are legislations that say you can't say you're a "financial advisor" because that requires certain qualifications that I don't possess. Or if I wanted to run "how to pay off debt" workshops, do I just need to say that "this is for information purposes only" so as to cover myself? Should I stick to just writing informational articles online?

You are free to run workshops where you share budgeting tips and principles. This is 'information', not advice and not a problem.

Where you need to be careful is with giving advice. Giving financial advice is a regulated activity. The difference is if you are recommending a specific course of financial action - that's advice.

So, for example, if you talked about some budgeting principles and asked people to think about some actions they could make, that's fine. You are providing information and giving time for people to think.

But, if you were to ask them to describe their financial situation and then tell them what you think they should do, that could be financial advice (and also something you are not qualified to do)

Stay especially far away from recommending any particular financial products, e.g. talking about which bank accounts or overdrafts are interest free.

In general you should be fine and it's a good idea.

lindylootoo

I think it's a great idea and could certainly be illustrated with a pre- programmed spreadsheet : annual income/mths/weeks; estimated expenditure/mths/weeks. Weekly or monthly summary showing under/overspend

I operate something similar to keep my spending on track........

Good luck.