Benefits of a financial education

And there is concern over rising food prices and increasing travel costs just as we get ready for the holiday season.

As a result, many families will continue to struggle, with some facing the awful situation of having to choose between “heating and eating”.

While helping people to better manage their budgets isn’t a silver bullet and won’t improve things overnight, I believe it’s vital that financial education is widely available to build long-term resilience.

So I was pleased to see the launch of a new scheme to boost financial inclusion for Edinburgh’s young people from Money Ready, a charity that provides financial education across the UK, in cahoots with funders Hymans Robertson Foundation, Albert Hunt Trust, Wheatley Foundation, Safe Deposits Scotland, and the City of Edinburgh Council.

On 22 April, The Wee Bursary Edinburgh launched to support young people in the city facing hardship or in need of development funding. Through a partnership network of charities and community groups, including Scottish Huntington’s Association, Barnardo’s, and the local council, applications are open to 16 to 25-year-olds living in Edinburgh and receiving support from one of the referral partners.

Young people can apply for a small, flexible bursary of up to £300, for everyday financial essentials. And every applicant, whether successful or not, will have the opportunity to take part in a Money Ready financial education programme.

Gemma Orr of Money Ready, says: “Young people – whatever their background or circumstances – have the opportunity to build essential money management skills that will help them flourish.”

In this issue of Scotsman Money I look at the housing market and mortgage availability. Amidst the doom and gloom the market remains relevantly buoyant.

In his commentary, Craig Barrie of Revere estate agency, identifies “spring with a renewed sense of energy” for the Edinburgh housing market.

In our Q&A, Wendy Morrison of Acumen explores what the imminent Scottish election could mean for your personal finances. Ryan Holmes of AC Wealth gives his top tips on spring cleaning your finances, and Alison Gay of The Lang Cat reflects on whether this is the right time to invest in the stock market as a major ad campaign launches to promote its benefits, fronted by Savvy the Squirrel.

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