Finance & Business Media

Education Group (pfeg) hosted the conference, Pocket Money to Pensions: Helping young people become financially capable in central London - a clear sign that the future of the economy depends upon on a sound financial education in our schools today. Balls used the same day to announce the launch of My Money Week 2010.

Part of the government’s My Money programme, the week of activities will run from Monday 28th June to Sunday 4th July and is aimed at all primary and secondary state schools in England. It offers fun and innovative ways of incorporating personal finance education into the curriculum, be it through organizing fetes, school banks or workshops to prepare students for independent living. He commented: “These young people are our future and will be making

important financial decisions in years to come. We need to make sure they have the right information and are prepared for the complexities of today’s modern world so that they can give security to their families and are equipped for their future careers.” Martin added: “I first realized how important finance education was when

a TV programme challenged me to take a class of ordinary teenagers for a day to try to turn them into junior money saving experts – the end result was the 12 pupils went home and saved their families £5,050. “As well as giving me new admiration for teachers, two things jumped out.

First that financial education in schools is vital and second, maybe some adults could do with it too.”

These young people are our future and will be making important financial decisions in years to come

Learning from the recession

In the same month that all these announcements were made, new research from YouGov commissioned by HSBC and the Personal Finance Education Group (pfeg) showed that children have been strongly impacted by the recession. Over a third of the children (34%) interviewed have heard adults say they can not buy something because of the recession more than once a week, whilst a quarter of them have actually reduced their own spending because of it. The survey was said to be unusual as it not only covered over 1,000 children aged 9 – 10, but it also interviewed their parents as well.

Peter Bull, head of HSBC in the Community, which supports the What Money means project said: “It is very reassuring to see that many children want to save rather than get into debt. However, there is a danger of children picking up bad habits from adults. HSBC actively supports financial education at an early age.”

Parents worried about debt

Recent research published by Nationwide Building Society, in conjunction with pfeg (Personal Finance Education Group), has shown that 69% of British parents – nearly seven out of ten - are concerned that their children will get into debt in the future. This is up from 62% of parents in 2008.

The research points again to the importance of financial education from an early age in schools, as 94% of respondents thought that financial education for young people is important in the current environment, and 72% stated that not enough has been done in the past to educate children about financial matters.

Parents are seen to be pivotal in promoting financial education – 91% of respondents believe that it is the responsibility of parents, as well as schools to provide financial education and 75% of 15-24 year olds say that they would go to their parents for help. However, many parents admit to lacking the necessary skills required to teach their children about saving and spending, with 67% of parents admitting they have made financial mistakes in the past.

Nationwide addresses these financial education issues through its free awarding winning interactive website, Nationwide Education, which is part of their commitment to supporting the community and building the life skills of children and young people. The website is developed by CSR communication consultancy, dbda who are equally committed to financial education, by producing resources that increase awareness and understanding of financial issues. Nationwide Education’s programmes are for ages 4-18 and are designed to stimulate learning and develop important skills, knowledge and

April 2010 www.education-today.co.uk

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confidence in personal finance understanding, competence and responsibility.

All of the finance programmes, which have been accredited by pfeg, can be used on PCs at home or school and make full use of the interactive whiteboard technology used by schools. The programmes include interactive games and supporting glossaries, as well as fact and work sheets providing information and activities to reinforce learning. All resources link directly to the UK curricula, and there are also dedicated sections for teachers and parents supporting learning at school and home as well as accessibility options for visually impaired and disabled users.

Caroline Hallatt, Head of Corporate Responsibility, Nationwide, commented: “Our research shows that most people feel there is not enough being done to educate children about finance, and that parents are becoming increasingly concerned. We are committed to providing parents and teachers with the necessary tools they need to help young people develop the skills they need about money. We recently launched a new programme on our Nationwide Education website aimed at the 16–18 age groups which compliments our existing financial capability programmes for 4–16 year olds.”

Reaching out to whole communities

Lloyds TSB has launched a new campaign across Jersey, Guernsey and the Isle of Man aimed at educating pupils aged 15+ on issues surrounding money management.

The seminars are being conducted by the Business Development Managers on each island and include advice on budgeting, savings, loans, general jargon busting tips and suggestions on how best to manage money at college or university.

Craig Duquemin, Business Development Manager for Lloyds TSB Guernsey & Alderney, said: “The Lloyds TSB Starting Out campaign is a fantastic way to ensure young people on the island are not left in the dark when it comes to organising their finances. Whether it’s navigating your way through financial jargon or getting advice on budgeting, our seminars are designed to really help young people think about their approach to money management.”

The Grammar School in Guernsey held three seminars in March. Jim Banks, Head of Careers, said: “Campaigns of this ilk only work if the bank is able to deliver content that’s directly relevant to the students. Lloyds TSB ensured any previous financial learning which had been covered by The Grammar School was enhanced upon, and areas where the students weren’t as knowledgeable became the focus of the seminars. I was very happy with how the seminars were structured and how well-received they were by the students.”

Money expert Martin Lewis sums it up well: “Finally we’re getting somewhere. We encourage our youth into debt when they go to university, but the disgrace is, we’ve never educated them about debt.” If we can create a nation of financially savvy consumers, we have a real chance of avoiding any further boom and bust scenarios – a ray of hope for an economy still struggling to pay the price for excess spending in the past. Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44