“Leicestershire Care put on a really well thought out event for the young adults. I felt we were able to, in a space they felt comfortable, provide them with life-changing lessons on the often very confusing topic – finance. From buying their first home and understanding credit scores to investing, pensions and interest rates, they asked engaging questions and absorbed the information well. I truly believe the day hosted by Leicestershire Care will be a pivotal point for them in their futures. Thank you to Chikodi and all the team.
Alexander Thomas.- GP3 Financial Advisers
The Youth Justice team collaborated with Alexander Thomas of GP3 Financial Advisers and Nathan Richardson of Nelsons Law to host the All-Things Investment seminar. This seminar was targeted at young participants who are involved in the Criminal Justice System to provide them with the opportunity to learn new financial skills.
The day commenced with an ice breaker where participants were invited to complete the last words as seen below:
- Heads or tails
- Credit Card
- Bit coin
- Stocks and Shares ISA
- Bank of England
Participants were actively engaged as they provided responses to the answers above. Both Alex and Nathan proceeded to explain their career path and outline how they embarked on their careers. Participants were also provided with insight into the varied job role of a financial adviser which includes but is not limited to financial planning, workplace pension schemes, retirement planning, tax planning and estate planning.
Savings
In order to accurately prepare for investing, participants were encouraged to develop the habit of saving consistently. The importance of saving was highlighted as a foundational pillar in the journey of investment. Alex and Nathan explained the importance of rising above the majority of British residents who do not have up to £1000 in savings. They advised that for those in employment they are entitled to £116.75 in sick pay for up to 28 weeks from the government which is unlikely to cover average household bills. The primary point was for participants to “spend less than they earn”.
Bank accounts
Alex and Nathan highlighted that In order to maximize their opportunities, they could explore banks such as Monument, Atom, Close Brothers, that are not as popular as HSBC, Lloyds, and Barclays. The speakers advised that the lesser-known banks sometimes have a higher interest rate and participant can utilise their ISA allowance which provides tax effective benefits.
The day went good, more lessons on savings and how to maximise profits on investments
Participant
The day was good, learned about investing
Participant
Investments
This section explored the various types of investments available such as property, stocks, and funds. Participants were advised that although investing in property can be lucrative, they would need to save up the deposit, perhaps pay an estate agent, and attend to the needs of tenants.
It was stated that funds provide an opportunity to invest in a range of companies thus diversifying risks. Participants were advised that they could start investing with certain platforms with as little as £1. Stocks on the other hand requires more in-depth research and if one invests in a company before they excel, this could lead to much higher gains in future.
Participants were applauded for attending this seminar and advised that the greatest investment they could make was to invest in themselves. Some of the suggestions for self investment included attending seminars, networking events, reading books, listening to youtube videos, and podcasts, obtaining courses, and obtaining qualifications.
Pensions and Borrowing
Participants were also encouraged to subscribe to their workplace pensions and minimize usage of credit cards in order to avoid unnecessary debt which can easily accumulate.
This event was designed to equip participants with the financial skills required to make wise financial decisions in future. We would like to extend our gratitude to Alexander Thomas of GP3 and Nathan Richardson of Nelsons Law for taking the time to invest their knowledge and time in our participants.
I really enjoyed sharing some of my knowledge and experience with the attendees, they got involved and we had a great chat. It’s always good to see them take an interest and pick up on what can be complex issues. I hope they take plenty from this and it helps them make good choices in the future
Nathan Richardson of Nelsons Law
I learned about investing
Participant
If you are a business, and you would like to get involved in the work that we do by providing valuable work experience/work trials, please get in touch using the email address below.
Youth Justice Project Development Manager
Chikodi Lori
chikodi@leicestershirecares.co.uk
To read about our Power to Change approach, click on the link below:
https://www.leicestershirecares.co.uk/about-charity/our-approach/power-to-change/#:~:text=We%20believe%20our%20power%20to,city%20and%20county%20for%20all.
For more information and insight into our Youth Justice Projects click the links below: https://www.leicestershirecares.co.uk/about-charity/news-events-/breaking-barriers-exploring-mental-health-hidden-illness-and-neurodiversity-workplace/ https://www.leicestershirecares.co.uk/about-charity/news-events-/time-products-youth-justice-work-tour/ https://www.leicestershirecares.co.uk/about-charity/news-events-/building-confidence-through-experience-lasting-impact-mock-interviews/
https://www.leicestershirecares.co.uk/about-charity/news-events-/vipphoenix-careers-and-hoodie-design-day/ Veda Self Care Event | Leicestershire Cares