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Less than half of children receive a basic financial education – the cost of living crisis proves this must change


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to borrow money to pay for essentials like food or bills, and 22 million do not know how to plan for their retirement. Teachers recognise the importance of ensuring


children and young people learn these skills, with research revealing that 97% feel that it’s important to teach financial education in the classroom. But despite this, only 54% of teachers say they actually have enough time to plan and deliver these lessons, and 37% say financial education isn’t even a focus at their school. EVERFI interviewed young adults to understand


• The ability to learn through effective research, self- m


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or the majority of people in the UK, the cost of living crisis is inescapable. We hear


about it on the news every day, and see the results in the higher supermarket prices for everyday essentials, the record costs at the petrol pumps, and the huge jump in energy bills. Inflation reached 9% in April, the same month real pay fell by 4.5% - the biggest fall since records began in January 2001. The situation looks unlikely to improve in the


near future, with the Bank of England predicting that inflation may rise again in the autumn when the energy cap (already at a record high) is due to rise even further. They have also said it may be several years before inflation returns to their 2% target. For children and young people, especially the


3.7 million living in poverty, this is a worrying time which is having a lasting impact on their mental health, as well as their development, according to recent research by the Nuffield Foundation. Against this bleak backdrop, financially preparing children for the future has never been more important, especially for those on the cusp of adulthood who will soon have to think about managing their own finances for the first time. EVERFI is determined to tackle this ‘missing layer of learning’ of vital skills young people need to acquire in order to have a fulfilling future, which too often fall outside of the curriculum. With education, people can make informed


decisions and take advantage of available resources to improve their situation. While the cost of living crisis is affecting all but the wealthiest, more people could have been better prepared for such a situation by having manageable debt, emergency savings, and using the most appropriate financial services. At present, only 48% of seven to seventeen-


year-olds receive a basic financial education either at home or at school, which could leave them vulnerable to financial difficulties in adulthood. Concerning statistics have revealed that 11.5 million people (or one in five adults) have less than £100 in savings, nine million frequently have


July/August 2022


how they were affected by their financial knowledge, or lack thereof. They reported a wide range of issues they felt were important to them, or which had proved to be an issue. The things they highlighted included:


• How to budget effectively, to live within your income, and avoid getting into debt. • Making informed decisions about employment options. • Understanding the different tax bands, and questioning incorrect pay deductions. • The importance of saving for emergencies, and investing in their long-term goals. • How to build a strong credit score while managing debt, as well as paying off debt. • Securing a mortgage. • Deciding when to use credit, or buy insurance.


EVERFI believes improving the provision of


financial education in schools is of vital importance, especially in the current climate. They offer three courses to cover all age groups; bringing together national and regional partners so students can access high-quality learning resources for free. The lessons are online, including built-in-assessments, and include unlimited student licences and ongoing support. These courses are always free for schools. All EVERFI courses help create a more equal


society by providing pupils with critical skills that prepare them for a brighter, happier, safer and more resilient future. The EVERFI platform helps teachers plan interactive lessons on financial education to ensure students make informed and smart decisions in the future. EVERFI has a series of financial education


courses suitable for different ages from 9 to 18. All have been accredited with Young Enterprise’s prestigious Financial Education Quality Mark and are referenced in the Money and Pensions Service’s guidance for schools. The first course, Vault, is aimed at children


aged nine to eleven, and builds a financial foundation, so they know how to borrow money responsibly; including the basics of budgeting, and the difference between stocks and shares. Over 1.6 million pupils in the US have taken the course since 2013, and it has been highly successful. Launched in the UK last year, Vault is linked to national curricula in PSHE, English,


maths, and personal development. As part of the course, pupils play a budgeting


game with characters who are saving for short, medium, and long-term goals. They learn how to be critical consumers by helping one character choose the best hoverbike to buy and the best value fuel to keep it moving. In another part of the course, children have to think about each character’s ideal jobs and explore the difference between a wage and a salary. Thrive is for students aged eleven to sixteen,


and teaches them key financial skills through relatable connections to everyday life and socio- emotional learning skills, such as self-awareness, prioritising, and self-control. Within the course, students consider whether a


specific purchase justifies the use of credit, and look at how credit repayment affects the cost of borrowing. They also identify different types of saving opportunities, and look at the risks vs rewards of different types of saving and investing. Finally, Aspire aims to help students from


fourteen to eighteen prepare for their financial future. It teaches about the economy holistically through different perspectives: as a consumer, an employee, and an entrepreneur or employer, and helps them understand its relevance to their lives. During the course, students will learn how the


economy can affect a business or career, and are introduced to a variety of concepts such as the law of supply and demand, and opportunities for investing in the financial market. Students will identify opportunities and understand the risks when starting a business. They will learn how external factors can impact starting a business, and think about what characteristics make a good entrepreneur. Teachers have praised the course, with one


remarking that they are ‘really engaging materials that lead to good learning outcomes and can be adapted to a wide range of abilities and interests’. Gemma, PSHE Coordinator and SENCO at


Cartmel Priory, said: “I have no doubt this [Thrive] is the best finance resource I have come across and meets a whole range of criteria and outcomes.” Melanee Rose, Head of Maths at King's House


School Richmond, said: “Managing money and learning how to save are vital skills to learn at a young age. The built-in lessons in Vault made the course very accessible to me as a teacher and I’m excited to teach pupils about the value of money. “The lesson plans were so easy to use and


really made them easy to deliver in the classroom. I think one of the biggest benefits is how Vault allows pupils to relate to scenarios about everyday life and that through this they can see the purpose behind financial education.”


Schools can register to access EVERFI’s free platform and get access to the financial education courses - and many others - here: ueverfiteachers.co.uk/register


www.education-today.co.uk 15


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