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Welcome and Introduction Jed O’Neill, Director, Aimhigher South Yorkshire

Welcome and Introduction Jed O’Neill, Director, Aimhigher South Yorkshire. The Case for Higher Education. Aimhigher. Government funded initiative to raise aspirations, awareness and attainment of currently under - represented groups in Higher Education

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Welcome and Introduction Jed O’Neill, Director, Aimhigher South Yorkshire

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  1. Welcome and Introduction Jed O’Neill, Director, Aimhigher South Yorkshire

  2. The Case for Higher Education

  3. Aimhigher • Government funded initiative to raise aspirations, awareness and attainment of currently under - represented groups in Higher Education • Contributes to target of 50% HE participation by 2010 • BUT Aimhigher is about widening participation, not just increasing participation • Aim is to remove barriers to participation – cultural, HE provision, finance, information, advice & guidance etc • Aimhigher is a national initiative, delivered at sub-regional and local authority levels • A wide variety of projects

  4. The Arguments • Rational, utilitarian Economic - knowledge based economy - develop human resources Society - graduates cost the community less:healthier, employed etc. Individual - rate of return £100-400K over a lifetime • Ideological Social Justice - access to what you pay for; benefits, opportunities for all "Education is a public investment, a private good and a human right" (Howard Newby)

  5. Strange Liaisons in the Search for Community Learning Tony Jowitt, Principal, Northern College

  6. Money Matters Jane Woodford Rotherham Credit Union Development Agency

  7. Outline • Debt in the UK • Financial capability • Lessons from credit union/Aimhigher work • Challenges for now – way forward in South Yorkshire

  8. Current Situation in UK • Cultural shift • UK most indebted country in Europe • Total consumer lending £192.6 billion • Average household debt £7,796

  9. Young People and Debt • Total student debt in UK £5 billion • Average student debt £12,000 • Projected debt by 2010 £33,708

  10. Financial Inclusion • 14 million (35%) rely on overdrafts • 70% of people have no provision for unexpected drop in income* • 2 million households live on a knife edge* *FSA Financial Capability: Establishing a Baseline

  11. Who Cares? • Financial • Health • Active citizenship

  12. What Works • Practical & relevant • Belief – shared philosophy • Self help • Community champions • Starting early • Joint working – mutual benefits • Long term impact

  13. Building Financial Futures • RCUDA/Aimhigher • Initial project • Schools project • CU collection points • Money/debt advice • Financial literacy work in schools

  14. FSA – Delivering Change • Schools • Young adults • Workplace • Consumer communications • Online tools • New parents • Money advice

  15. Other Projects • Money Doctors • Young Scot Infoline • LASA CU Swansea • Little Dearne • Northcliffe School • Financial Inclusion - Sheffield • Kendray

  16. . . . and so, what now? • Connections • Collaboration • Communities

  17. Credit Due Ray Hearne, Workers Educational Association

  18. Finance as a Barrier to HE Progression and Widening Participation Jed O’Neill, Director Aimhigher South Yorkshire

  19. Knowledge • 29% of 16-24 year olds said they wouldn't know how to prepare and manage a weekly budget • 19% of 22-24 year olds have short-term debts over £5,000 • 62% of young people said if they got into money trouble or debt they would not be able to name any advice or support services they could turn to for advice • Of undergraduates who considered dropping out, 34% cited financial difficulties as a strong factor (Financial Services Authority)

  20. The Finance Barrier • Debt aversion – "Student funding policies, predicated on the accumulation of debt, will deter HE entry amongst those with no other financial resource to call upon to fund their Higher Education." (Claire Callender) • Insufficient rate of return – for many potential applicants the returns are perceived as not worth the costs, unless a 'good institution' has been attended • Desire to earn money • "Higher Education not for the likes of us"

  21. The Costs of HE • Average student expenditure 2004-05; £10,273 • Average student income, £8,333 • Average final year debt, £7,918 – but those from low income families, £9,842 average • 56% of students do paid work; average of 13.5 hrs per week at £6.10 per hour • 50% of students have overdrafts • Tuition fees rise from 2006 to £3,000 p.a. for most courses at most universities (not colleges) • A complex system of student financial support comes into effect in 2006 – grants/loans/bursaries/scholarships

  22. Implications • Need for financial literacy – starting early • Need for clear and timely information and advice • see: www.direct.gov.uk/studentfinance

  23. Refreshment Break

  24. Workshop SessionsInvesting in the Future or Problem Debt? Room 19Saving 4 LifeRoom 17Aim for Tomorrow Conference SuiteThe Perspectives of Young People at UniversityRoom 20

  25. Workshop SessionsInvesting in the Future or Problem Debt? Room 19Saving 4 LifeRoom 17Aim for Tomorrow Conference SuiteThe Perspectives of Young People at UniversityRoom 20

  26. Refreshments

  27. Workshop Feedback

  28. Closing Speech Jed O’Neill, Director Aimhigher South Yorkshire

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