Action for Children, formerly NCH, is offering information and guidanceat Financial Futures workshops at 18 children's centres across thecountry. Topics include where to get the best-value loans, financialterminology, and how to cut household costs.
The project is part of a 1.8m partnership between Action forChildren and Barclays Bank. A recent ICM survey commissioned by thecharity and Barclays found that 49 per cent of people on the lowestincomes are at risk of borrowing more than they can afford because theydo not know the meaning of APdR (annual percentage rate) - a crucialfactor in determining how much they will have to pay back.
Pete Verity, financial futures project worker at Action for Children,said, 'It's been a case of encouraging existing users to make use of anew workshop. We've found that parents are much more likely to attendFinancial Futures sessions if they already use the centre and know thestaff involved.
'Many of the parents we support are desperately worried about theirfinancial situation. The workshops provide a safe environment in whichto share their concerns.
'What they quickly realise is that the consequences of their situationare not always as bad as they think and that there are practical thingsthey can do to take back control of their finances. It can be a realweight off their shoulders.'
Mr Verity added, 'As Christmas approaches, all parents know how hard itcan be to resist the temptation to overspend on their children.Financial Futures workshops make clear the difference between "needing"to buy something and just "wanting" it.'
Other tips the charity is offering for a Credit Clever Christmasare:
- Ask yourself if you really need to borrow money
- Strike a deal with friends and family to buy fewer presents
- Make a shopping list; stick to it
- If credit is the only answer, shop around for the best value loan.
Further information: www.actionforchildren.org.uk/creditclever
