FEATURE: FINANCE
management skills ahead of independent living. This teaches young people how to navigate the system and make informed decisions. An all- through school experience that is far too rare. Since 2017, the government has spent millions
on evaluation, finding out what works in schools and other settings - but there is still no framework of support for schools to access financial literacy services, or for scaling and funding of proven interventions. Funding has been decimated as government agencies switch to emergency debt provision, leaving little to support teachers or the charities they rely on.
Demystifying provision These pressures have led to the UK’s largest providers of financial education to collaborate on a one-stop-shop for teachers seeking to bring money lessons into their classrooms. The Guide to Financial Education Support
details methods such as in-person or virtual expert-led workshops, qualifications and training that empowers teachers. It is produced by the Youth Financial Capability
Group (YFCG) which includes The London Institute of Banking & Finance, MyBnk, The Money Charity and Young Money, who have collectively helped nearly 2.5m pupils learn how to manage their money and understand the world of finance. The YFCG has also cooperated on a series of
planning frameworks for teachers of 3- 11 and 11-19 year olds. Our aim is to demystify the complex array of
offerings so teachers can utilise what works for them. We know there is not a ‘one size fits all’ answer to what might make financial education easier to deliver within any individual setting, but, for many educators, the main challenge is often knowing what is available and where from and if it works.
Dipping a toe Teachers even shorter on time can avail themselves of a raft of free resources, ice breakers and online and independent learning courses from YFCG members. Given coverage of the recent budget, the rising
costs of living and post-pandemic economics, these act as a topical and engaging way to increase students' financial confidence and capability. Outside of workshops and lesson plans, several
YFCG members run Ambassador School and Centres of Excellence programmes for teachers who wish to give a more holistic and engaging experience to their year groups or wider communities. MaPS have also created dedicated packs for
schools containing planning tools, guides for parents and guardians and tailored resources for all home nations.
Does it work? Our research suggests it does! After intervention:
• 68% of primary pupils who would not delay spending gratification now do.
• 56% rise in financial knowledge, skills and savings of disadvantaged primary pupils.
• 73% of secondary teachers thought expert-led sessions were better than what they could have delivered.
• 22% rise in ability to managing money and understanding personal and public finance versus control groups.
• Two out of three primary school pupils actively work towards a savings goal after receiving MyBnk programmes – double the national average of 34%.
Source: Substance Ltd/MyBnk
Bringing it to life So, you now know what is out there, but will it grab your young people? Money can be boring! So, at MyBnk we work with young people and mine youth culture to bring things like tax, debt and banking to life. This includes using celebrities, influencers and current affairs to make activities relevant. We take a holistic approach to education, using
real life case studies, colourful resources, games, videos and links to popular culture whilst catering for all learning types. These sessions challenge negative financial attitudes and build self-belief. Class time is precious, and teachers are asked
to do and be many things. Some feel uncomfortable thinking they must become an expert in such a fast changing and complex subject and that it may not be the most effective use of their time. This often results in financial
education becoming almost extra-curricular or tick box i.e., not a top priority. The outcomes however may well determine the prospects and wellbeing of a generation. Be it facilitating experts, plug in and play
resources or continuing professional development, help is at hand to maximise time and impact.
Where can I get help? The London Institute of Banking & Finance A range of Level 1 to 3 qualifications and e-learning pro- grammes to help students, including those with addi- tional needs, improve their financial knowledge and confidence.
libf.ac.uk/study/financial-education/qualifications MyBnk A range of financial education programmes for 5 to 25 year olds, including those with additional needs, which aim to bring money to life and help young people make informed choices. Workshops cover saving, budgeting, debt, independent living, and public and student finance. Free/funded sessions can be delivered direct in- person, virtually or online and range from 75m - 4 hr for groups of 6-30 pupils.
mybnk.org/our-work/financial-education The Money Charity Interactive workshops for young people aged 11 to 19, delivered in schools and colleges. Workshops cover the essentials of staying on top of money, including using money to achieve goals, savings, tax, how to read a payslip, and understanding credit and financial products.
themoneycharity.org.uk/workshops-training/schools-col- leges Young Money Financial education training and advice for teachers and other practitioners, including those working with young people with special educational needs.
young-enterprise.org.uk/teachers-hub/financial-educa- tion/support-training
Free Resources & Guides • The London Institute of Banking & Finance:
libf.ac.uk/study/financial-education/free-financial-educa- tion-resources • MaPS – Talk Money Week: moneyandpensionsser-
vice.org.uk/wp-content/uploads/2021/09/talk-money- schools-participation-pack-financial-education.pdf • MyBnk:
mybnk.org/our-work/financial-education/free- resources/ • The Money Charity:
themoneycharity.org.uk/resources/ • YFCG: Guide to Financial Education Support:
mybnk.org/wp-content/uploads/2021/09/YFCG-Promo- tion-brochure-Final.pdf • Young Money:
young-enterprise.org.uk/teachers- hub/resources/
November 2021
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