Financial Smarties

The Pitch

Problem statement

Financial Smarties will ensure vulnerable women are fully compliant in fields including access to online resources . Women have shared their personal struggles and challenges encountered when trying to access online systems such as means tested benefits and banking. These areas are particularly sensitive, and they feel reluctant to disclose their private data and detailed information. These women are drawn from marginalised BME groups and hail from poverty-stricken and overcrowded living conditions and lack mainstream social opportunities. There are women with ability and disability, one parent families, divorced, disabled siblings, people with physical and emotional problems.

Solution

Financial Smarties will support 60 women aged 19+ with AQA accredited outcomes in financial literacy and economic security. We will run bi-weekly sessions with 30 women p/group over 38 weeks. The 3 skill-based training concepts: 1. 9 interactive workshops covering coaching, advice and digital literacy in finance 2. 9 training sessions in financial and budgeting skills including how to setup a financial plan 3. 2 seminar lectures led by professionals to share lived and in-depth financial advice A cost-effective plan, whereby women acquire support, making them less vulnerable and more resilient. In the long-term they will be less prone to debt use money wisely and remain within their means.

Why are we best placed to deliver?

TCH is a grassroot, community women-led organisation with its trustees being members of the community that we serve. Our trustees are part of the community, who have a set of unique lived-in experiences, helping to identify the community’s current needs. Mr Chaim Dov Francoz will be leading the Financial Smarties project. He is an experienced financial advisor and personal finance coach, working in the field for over 15 years. He is extremely methodical, has excellent communication and leadership skills and has a willingness to work with others and respect their views. He has previous experience in carrying out similar projects for our organisation with an excellent rate of success.

Focus Areas

Delivery plan

Budget breakdown

Beneficiaries

60 people

Expected impact

Covid has transformed the regular routine and structure of our lives, especially in financial resilience and managing personal finances. Families have often and especially during these precarious Covid timings been left in the red. This was due to higher living expenses, increased PPE safety equipment and unexpected expenses occurring regularly. Our users’ requirements of support has risen, they require financial budgeting support; to help overcome their personal challenges. Personal compliance has also become an immense challenge with increased requirements and more evidence-based documentation, our users are struggling. Financial Smarties will ensure women are smart and resilient, safe and capable to meet their personal compliance obligations independently. These outcomes will improve the lives of our users, specifically, where women will gain effective IT skills in accessing financial websites including online banking and credit scores and they will acquire the strength take lead.

Track record

We are a grassroot organisation placing our finger on the pulse to address the local needs. We have earned a track record of an organisation that runs programmes to the highest professional standards and have gained community trust. We are best placed to deliver these services as we have all relevant skills and experience to run this project successfully and effectively for our work with users and stakeholders. To date our programmes have been extremely successful, with good outcome retention figures. We envisage our activities will be successful in leading to project outcomes. By providing customised practitioner guided training to vulnerable people, we work to empower them to find solutions to their own hardships and challenges and rise beyond them. By mastering these skills users gain confidence in their abilities and resilience. Users successfully lead a more independent lifestyle and face a more promising future.

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