Help children and young people build their financial skills this Talk Money Week
Zoe Renton, Policy Manager at the Money and Pensions Service (MaPS), talks about the importance of helping children and young people build strong financial foundations.
It feels like the E for economic in PSHE education has never been more important. Many children, young people and families are struggling with the cost of living; there are new and expanding ways to spend (and get into debt) online; and the long shadow of Covid is still affecting our lives and the economy. So, it is vital the next generation are supported to build their financial skills – helping them to make the most of their money now and in the future.
That is why MaPS is calling on schools and colleges across the country to #DoOneThing to talk about money in the classroom this Talk Money Week (6th to 10th November).
Download the Talk Money Week Toolkit for Schools to help you get started.
Financial education matters
The UK Strategy for Financial Wellbeing set a goal of two million more children and young people receiving a meaningful financial education by 2030. Children and young people were placed at the heart of that strategy, because government, financial services, charities and educators all recognised that the skills, knowledge and habits that underpin good money management begin to develop at a young age.
Financial education makes a difference. Research shows that children and young people who are getting a financial education at home or school are more likely than their peers to feel confident about managing their money, to be actively saving, to have a bank account that they use, and simply to talk about money.
However, not enough children and young people are getting the financial education they need. A recent survey by MaPS found that, in the UK, only a third of 7 to 17 year olds recall learning about money in school and finding it useful, and around a quarter receive key elements of financial education at home.
While schools and colleges recognise the importance of financial education, they face barriers to delivering it including time, teacher confidence and knowing where to go for trusted tools and resources.
Highlighting the E in PSHE
PSHE education teachers, in particular, are key to helping children gain the money skills they need.
The PSHE Association’s Programme of Study recommends that children and young people learn about the role of money in our lives, how to be a critical consumer, spending and saving choices and managing money risks.
Statutory Relationships, Sex and Health Education (RSHE) aspects of PSHE education include learning about online gambling and advertising. In addition, exploring the links between money, feelings and relationships can enhance other elements of the subject – from caring friendships and respectful relationships to staying safe and looking after your mental wellbeing.
Do your thing and tell everyone about it!
The Talk Money Week Toolkit for Schools is packed with information and guidance to help you promote the financial wellbeing of your pupils and students, during Talk Money Week and beyond.
You could hold a Talk Money themed assembly, deliver a money session in the classroom, or share tips with parents and carers on talking to and teaching their children about money. You could simply use Talk Money Week as an opportunity to get the conversation started, asking your students what more they want to learn about managing their finances.
Whatever you do, remember to share your ‘one thing’ on social media, using the hashtags #TalkMoney and #DoOneThing, so others can celebrate your work.
Listening to children and young people
We know that young people say they want to learn more about money, preparing them for the challenges of the future. Talk Money Week is an opportunity to deliver on that, and to celebrate the fantastic work of teachers up and down the country helping children and young people build strong financial foundations.