'The F&C Investment Trust Prize' launches with City of Glasgow College

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F&C Investment Trust is partnering with City of Glasgow College - Scotland’s largest college, designed for up to 40,000 students - to launch a new award. The winner of The F&C Investment Trust Prizewill be recognised for innovative thinking about their financial futures, via a competition to engage and inspire both students and faculty staff.

The Prize, which launches on 7 December, will showcase students’ financial understanding and ask them to unlock inventive ways to close the UK’s financial knowledge gap. The Winner’s Prize package includes £10,000 for their faculty to invest in research, innovation or development, personal career mentoring and recognition across the College's twin campus estates in Glasgow.

The competition runs from 7 December until 31 January, when responses will be shortlisted by a mixed judging panel including external experts, followed by a public vote before the Prize is awarded in February. Students and faculty staff will be encouraged to enter via a widespread campus campaign.

The judging panel will focus on entrants’ level of understanding, their creativity; and also how well they explain the idea. Entries can be: individual or groups; anyone with a City of Glasgow College Student ID; submitted in any creative medium from vlog to essay, video to podcast; should take no longer than 5 minutes to read/watch/listen to/consume.

About the competition

The F&C Investment Trust Prize invites City of Glasgow College students of any faculty to creatively answer one of three question categories:

  1. Saving: why and when? With changing state aid and the unknown future, how do we better prepare people to start thinking about financial security from a young age? Why do we need to save and when should we start thinking about it? In a nutshell, why does saving matter?
  1. Financial futures: how do we prepare ourselves? Looking at how different generations have provided for their financial futures, is saving for the future more or less difficult for you than it was for your parents, and your grandparents?
  1. Growth: 150 years ago, F&C Investment Trust invested in the Amazon, now it’s amazon.com…what can we expect in 150 years’ time? If you could only buy one thing now to save for your future, what would it be?

Simon Fraser, Chairman of F&C Investment Trust, said:

“We’ve created ‘The F&C Investment Trust Prize’ with the City of Glasgow College because financial education is critical to provide young people with the skills and confidence to flourish in life. We want to help them understand why saving matters and also grasp how investing can help them reach their aspirations in the medium and long term. This new partnership is a flagship financial education project for us and the first of its kind in education. The Prize aims to encourage entrants to consider how their future lives can be made more financially secure. This is central to our ethos to help everyone develop economic literacy and financial resilience.”

City of Glasgow College Principal & CEO, Paul Little, said:

“As Scotland’s largest college, we are committed to equipping each and every one of our students with the core skills they need for the world of work. Being able to navigate the many challenges of the financial market place alongside making good financial decisions are essential elements at the heart of our curriculum. I’m thrilled to launch this unique Prize and hope it’s the first phase of a lasting partnership that will benefit students today and in the future.”

Winner(s)’ Prize Package

  • The F&C Investment Trust Prize trophy
  • £10,000 for the faculty to invest in research, innovation or development.
  • Sharable prize – MacBook Air
  • Exclusive career training - offering guidance, mock interview questions and CV building tips
  • Special recognition at annual City of Glasgow College Student Excellence & Achievement Awards 2019
  • Special recognition on College Graduation Day, and in Graduation booklet
  • Special recognition on Prize plaque in university walls for posterity
  • Presentation lunch with F&C Investment Trust Board – for networking and opportunity for Q&A

Industry research indicates that young adults know they should be proactive in managing their money, but often lack the knowledge of how to go about doing this and would welcome help - particularly about using credit and investments - to help them manage their money well in the context of their busy lives.

Facts about financial education in the UK*

  • One in five young adults (22%) say that they are not confident in managing their money [1]
  • A large majority of young adults (85%) wish that they had been taught more about money management while they were at school or university and feel their life would be better as a result [1]
  • Only a few (5%) UK adults believe that young people are currently leaving school with the financial skills and knowledge they need to manage their finances; and only 16% of UK adults believe they left school adequately equipped to manage money well [2]
  • Three in five (60%) UK adults believe managing money is more difficult now than 10 years ago but only 12% find it easier [2]
  • More than two in five (42%) of 14 to 25-year olds cannot interpret the difference between being in credit and overdrawn on a bank statement [2]
  • 36% of people understand that the term APR relates to payments, but this falls to 31% among 18-34s [3]
  • Around two-thirds of people in the UK feel too confused to make the right choices about their money and more than a third say they do not have the right skills to properly manage their cash [3]

*Sources:

  1. http://britainthinks.com/news/young-adults-and-money-management-a-report-for-the-money-advice-service
  2. https://www.young-money.org.uk/policy-campaigning/financial-education-why-do-we-need-it
  3. https://fly-project.eu/wp-content/uploads/2015/06/Financial-Literacy-in-the-UK.pdf