About FLO

Financial Learning Online is funded by the Scottish Government and managed by Learning and Teaching Scotland for people who are involved in setting up and running financial learning projects for adults in Scotland.

What is financial learning?

Financial learning is about supporting adults to develop the skills, knowledge and understanding they need to be able to manage their money effectively. Other terms that might cover financial learning activities include financial capability, financial education, financial literacy or financial awareness.

Here the term 'financial learning' refers to learning activities that take place to varying degrees of formality in a variety of settings.

For adult learners the outcomes of financial learning can include increased:

• ability to budget, save and pay bills
• understanding of credit, debt, interest rates and APRs
• awareness of advice and guidance available
• awareness of welfare benefits and maximising your income
• understanding of consumer rights and
• knowledge of how banks and other financial products and services work

Financial learning plays an important role in supporting UK-wide social inclusion agendas. Scotland's financial inclusion strategy is guided by the UK Financial Capability Strategy and Action Plan in which financial learning underpins work to increase people's access to appropriate financial products and services, and to advice and guidance. In November 2008, the Scottish Government published Achieving Our Potential, its framework to tackle poverty and income inequality, which recognises the importance of developing individuals' financial capability. This builds on the 2005 Financial Inclusion Action Plan. The UK wide context for financial capability is provided by the UK Financial Capability Strategy and Action Plan in which financial learning underpins work to increase people's access to appropriate financial products and services, and to advice and guidance.

Financial learning often involves the development of the literacy and numeracy skills which underpin everyday financial activities, such as reading and understanding written and numerical information and filling in forms. Many of the individuals and groups for whom financial learning can have a significant impact may also be those in need of literacy and numeracy support. At the same time, money provides a context which is relevant to adults' lives: and approaches to adult literacies in Scotland acknowledge that people are likely to learn more effectively if that learning is relevant and rooted in real, everyday contexts.

Financial learning can have an important role in the development of communities too. The projects featured in these case studies adopt many of the principles of community learning and development work, which seeks to empower individuals and groups and to promote participation, inclusion and equal opportunities for those individuals and groups. They also demonstrate the role of effective partnership working in achieving significant positive outcomes for individuals and groups, and in particular, those who are at points of transition in their life (for example: starting or leaving work; having children; coming into the country as a migrant worker; going into or leaving prison; or being made redundant).

If you have any questions about FLO or about financial learning in Scotland in general, please email Daniel Sellers