Enterprise Minister hears details of new bank support scheme for consumers
6th Apr 2009
Details of a new Ulster Bank initiative to support Northern Ireland consumers better manage their finances were unveiled to the Minister of Enterprise, Trade and Investment today. Arlene Foster heard about Ulster Bank's MoneySense for Adults programme - which offers free and balanced information to adults to help them better understand and manage their finances - during a visit to the banks Enniskillen branch this morning.
The MoneySense service which is open to everyone, including customers of other banks and people without bank accounts is now available online, in print and face-to-face throughout all of Ulster Bank's 227 branches across the island of Ireland (including its 92 Northern Ireland branches).
Ulster Bank MoneySense Officers, independently trained by the Consumer Credit Counselling Service are available in each branch to give practical one-to-one sessions to both customers and non-customers seeking help with budgeting and money management. The programme covers a range of personal finance topics such as:
- Guidance on basic budgets and budgeting skills
- Help with prioritising outgoings and expenses
- Future planning and managing debt
- Protecting finances and dealing with unexpected situations like losing a job, divorce or illness
- General and practical guidance on how financial products work
The branch service is supported by the MoneySense for Adults website at www.ulsterbank.co.uk/moneysense and the MoneySense Making sense of your money booklet.
MoneySense for Adults builds on Ulster Bank's ongoing investment in financial education in recent years, and supplements the comprehensive resources available through MoneySense for Schools a financial education programme for 11-18 year olds launched last year, and now in use by over 140 schools in Ireland.
Minister Arlene Foster was welcomed to the branch by Mike Bamber, Chief Executive Retail Markets at Ulster Bank Group. He said, Over the last few months, we have committed to extend our programme of support by introducing specially developed products to meet consumer needs in the current environment.
He continued, We now have MoneySense Officers in all our branches offering practical guidance to anyone who has a question about their finances; budgeting and money management skills. Sound advice which will stay with them all their lives. We will work with both customers and non-customers to understand individual circumstances and to determine which options may best help their specific situation. The same guidance is now online, ensuring that the service is accessible to all, said Mr Bamber.
Welcoming the MoneySense for Adults Programme, Minister Arlene Foster said: "This latest addition to the MoneySense initiative demonstrates a welcome commitment by Ulster Bank to support its customers during these challenging economic times.
"The availability of practical, easily accessible information and free face to face financial advice through the Ulster Bank branch network is vital as we seek to help customers who find themselves in financial difficulties. I would encourage all banks to follow suit and take such preventative steps for their customers, as the MoneySense initiative."
Ulster Bank's MoneySense announcement builds on recent moves by Ulster Bank designed to directly help consumers and businesses.
In January, Ulster Bank announced that it was making 300,000 available to support debt advice agencies in Northern Ireland. The bank also recently made 100 million available to fund first time buyer mortgages through its Momentum Mortgage initiative and has made 50m available to lend in conjunction with the Co-Ownership housing scheme. The bank also recently made 250m available to support Northern Ireland small to medium-sized enterprises.