‘Islanders struggling to manage finances’
A NEWLY-FORMED charity that helps islanders arrange basic banking services has found that many people across the Guernsey community struggle to manage their money.
Guernsey Community Savings – also known as GCS – was formed at the start of 2020 to help support those who have been financially excluded in Guernsey. Demand for the charity’s services has been much higher than originally expected.
The organisation provides accounts, prepaid debit cards and even a payment app to people who cannot access traditional banking services.
Chairman Peter Neville said the charity had been kept very busy.
‘Sadly, it is becoming clear to us that many people, not just our clients but across the community, find it very difficult managing their money,’ he said.
‘In some cases they lack confidence because of bad experiences in the past, but most just need a better understanding of financial matters and the ability to apply that knowledge to real-life situations.
‘Both our experience and the experience of others indicates very clearly that one of the main underlying causes of problem indebtedness in Guernsey is poor budgeting. The pandemic and the knock-on effects of increased unemployment are likely to result in a rise in the number of people with money and debt issues.’
He noted that Guernsey was a global financial centre.
‘We should not accept that so many in our community are unable to manage their financial affairs,’ he said.
‘What is urgently needed is a financial education programme for all age groups, from the very young upwards.’
The charity has approached the government and educational institutions with the aim of addressing the issue.
‘The alternative is a continuing drain on government finances to support those in difficulty and a disturbing waste of untapped potential,’ Mr Neville said.
Liz Pirouet-Douglas has been appointed as the new manager within
the charity’s team.
Mr Neville said he was delighted to welcome her.
‘She is already working hard alongside Jane Kerins, Jo Farrell and our volunteers arranging accounts and cards, and advising clients on how to budget and manage their money,’ he said.
‘It has only been a few months since we opened for business, but we have already seen how much it means to people to have a bank account, be able to get accommodation and a job, and become a full member of the community. Helping someone regain self-confidence and a sense of worth is enormously rewarding.
‘In terms of the number of clients and agencies referring people to us, we are well ahead of where we expected to be at this stage. That is why it has been great to bring Liz on board and we are in the process of recruiting one more member of the team.’
He said he was very grateful to all the charity’s supporters and funders, but especially to the Guernsey Community Foundation and Lloyds Bank Foundation for the Channel Islands.
