Lloyds Banking Group has announced an expansion of its financial education project, Money for Life, which aims to help adult learners manage their money more effectively and reduce college drop-out rates.

In the second year of the programme, it will train more tutors and support workers and practitioners in financial education, enabling them to train their colleagues in a “teach me, teach others” model.

Susan Rice, the group’s managing director in Scotland, said reaching adult learners in the current economic climate was crucial, as many of them needed help with their money management immediately and were living off little money.