Kids can win big by voicing their opinions on Financial Education

October 14th, 2011 Posted in Uncategorized
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It has never been more important for young people to leave school equipped with the right skills to deal with the vital issues of finance.

An essay competition gives 13-18 yr olds a chance to win an Ipad2 plus work experience at a National newspaper.

The Daily Mail’s – Financial Mail is putting money education at the heart of their annual student essay competition.
They are asking school pupils and sixth-form students the simple question:

‘Who should be responsible for teaching you about personal finance?’

One of the objectives of the competition is to help young people learn more about personal finance, so judges will be looking
for evidence that you have carried out your own research to support your arguments.

The deadline for entries is November 25.
The top essay in each of two age groups – 13 to 15 and 16 to 18 – will earn its writer an Apple iPad 2 16GB, worth £350.

The winner in the older age category will also have the opportunity of a work experience placement with Financial Mail. 
More information is available here

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New Financial Education Guide For Scottish Schools

October 14th, 2011 Posted in Uncategorized
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Scottish schools are being encouraged to teach children about managing their
money through a new curriculum resource.

The document, Financial Education: A guide for teachers and managers, is
being handed to headteachers this week to provide additional guidance on how
financial education can be embedded in the new curriculum for excellence
(CfE).

It means children as young as three may be taught about managing their future
finances, as CfE applies to early-years education through to secondary
school.

The resource, published by Glasgow City Council in conjunction with
government body Education Scotland, is being launched in schools within the
local authority’s area. The council said it is happy to make the guide available
to other councils if requested.

It highlights the importance of managing money and aims to teach children
about “the pitfalls” of spending more money than they can afford. Suggested
learning experiences include investigating mobile phone contracts, organising a
bring-and-buy sale and keeping a record of weekly finances using a
spreadsheet.

Bailie Jean McFadden, an executive member for education at the council, said
schools are the ideal place to teach youngsters how to make informed financial
decisions in the future. “You are never too young to learn about the importance
of money,” she said.

“Financial exclusion is both a symptom and a cause of poverty and has a
direct effect on the economic and social exclusion of Glasgow’s most vulnerable
citizens. Recent estimates show that Glasgow has a far higher rate of severe
child poverty than elsewhere in Scotland.

“Our schools have a responsibility to develop a preventative approach to
financial exclusion and we will do this in partnership with local community
support agencies. The new resource is a planned and coherent programme that sets
out the importance of managing money and avoiding the pitfalls of spending more
than you can afford.”

Glasgow City Council said the economic crisis means financial education has
never been so important for youngsters. It said the aim is to help its young
people get better at keeping track of their own finances as well as highlighting
the importance of making ends meet.

Jim Lally, director of the Scottish Centre for Financial Education, said:
“Education Scotland has welcomed the opportunity to work with the council in
supporting financial education through the publication of the new guide for
teachers and managers.”

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Personal Finance Education Awards

June 23rd, 2011 Posted in financial education
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Six schools across England and Scotland are celebrating after winning awards at this year’s RBS Personal Finance Education Awards for Schools, the only awards to recognise those schools that teach students all-important money management skills in an innovative and successful way.

Taking home awards at this year’s event, which was held at Altitude 360 in London, were winning:
- For the Best All-Round Approach to PFE Award (primary): joint award for St Budeaux Foundation Church of England School in Plymouth and Westdene Primary School in Sussex.
- For the Best All-Round Approach to PFE Award (secondary): St Luke’s High School in East Renfrewshire.
- Best Teacher Award (primary): Ms. Eveline Dawson at Waltham Leas Primary in Grimsby.
- Best Teacher Award (secondary): Miss Helen Kemp at Humphrey Perkins High School in Loughborough.
- Best Student Award: Students at Roseberry Sports and Community College in Durham.

Staff and students from the Humphrey Perkins SchoolJudges from across the education and finance industries were impressed by the range of creative approaches schools have adopted to engage students in money management. Entries showcase a variety of activities from the entrepreneurial – challenging students to set up and run a business from scratch and make a profit – to the practical, teaching students about the real value of money through lessons like “What would you do with £1 million?” and showing them the impact that money they have raised can make in developing countries.

Other school programmes recognised in these awards included a peer mentoring system where a select group of students acted as ‘money experts’ for their fellow pupils, offering advice and giving presentations in assembly. Each category winner is awarded £1,500 for their school, and individuals also received a prize such as a laptop.

Founded by The Royal Bank of Scotland Group in association with PFEG (Personal Finance Education Group), the RBS PFE Awards are open to entrants from across England, Scotland and Wales. This year marks the fourth year of the Awards, which recognise best practice and build on RBS’ 17 year heritage in personal finance education.

Primary School Winners

St Budeaux has taken a very progressive approach to learning about PFE, from encouraging good money habits in students, to teaching them how to save and budget, and ensuring they understand the real value of money. During their ‘Money Week’, activities included seeing the difference that money they had raised made to families in Haiti, working with a poet to explore finance creatively through writing, and trying to make a profit selling products from an initial £5 budget.

Westdene Primary has built a programme of activity that appeals to children of all age groups; singing songs with younger groups, creating board games that encompass winning and losing money, and debates among groups on topical issues including “Why pay tax”. Through its strong PFE programme, the school has developed many interesting ways to raise financial awareness.

Secondary Schools

St Luke’s High School, East Renfrewshire has adopted a creative approach to delivering PFE across all year groups. Topics covered in the money lessons vary according to year group and range from ‘What would you do with £1million?’ to ‘Jobs in the real world’, and also covers off practical applications such as how to pay for a holiday and other ‘big’ purchases.

The MoneySense for Schools programme has recently re-launched its website with brand new interactive resources. You can access the new website here: http://moneysense.natwest.com/schools. All resources are accredited by PFEG for their quality and impartiality.

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Financial Education in Schools Debate

March 7th, 2011 Posted in Uncategorized
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Should financial education classes be compulsory in schools in England and Wales?

The video below shows a hotly contested debate about the role and place for financial literacy classes in schools.

Just who should be teaching children about money?

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Lack of Financial Education has cost nearly £250 million

October 1st, 2010 Posted in Uncategorized
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Lack of financial education has cost Brits nearly £250 million in charges and penalties alone, with almost a quarter (24%) having been hit by charges because they don’t understand the terms and conditions of financial products, according to new research from uSwitch.com. Moreover, almost three quarters of Brits (71%) say that a lack of basic personal financial understanding is to blame for debt. And with the level of personal debt already exceeding £1.5 trillion, the Government’s decision to shelve plans to add financial education to the curriculum could be a costly one.

Less than one in ten people (7%) think we are financially educated as a nation. Four in ten people (40%) saywe’re less financially educated than previous generations, while seven in ten (70%) say that personal finance is a lot more complicated today than it was previously. Consumers now face a vast array of products, from bank accounts and credit cards to different mortgages and high interest pay-day loans. But as personal finance has become more sophisticated, our understanding has shrunk, leaving a knowledge gap that is costing people dear.

Despite the fact that consumers can take out financial products such as credit cards and loans as soon as they hit 18, worryingly, on average most people don’t become knowledgeable about personal finance until they are 27 years old. But age offers no guarantees – 16% of Brits didn’t become knowledgeable until at least 35 years old, of these nearly 9% don’t get up to speed until their forties.

The research shows that most people now learn about personal finance the hard way through trial and error. 81% pick up their personal finance knowledge along the way, while just 7% learn from their parents and 4% from banks. With the majority learning as they go and the average age of first time buyers on the rise, this could push the age of financial maturity in Britain even higher.

Consumers are also worried about the future. Less than 5% feel that today’s youth are well informed about basic personal finance and 95% say that personal finance should be taught in schools. Missing the opportunity to educate future consumers could be a costly decision and 89% say that it was wrong of the Government to shelve plans to add financial education to the curriculum.

The Financial Fairy Tales are a series of fun financial education resources for use with younger children wither at home or in primary schools

Ann Robinson, Director of Consumer policy at uSwitch.com, says: “Our poor understanding of personal finance is costing us money and now looks to be getting worse with each generation. While our debt is increasing, our knowledge is decreasing – the situation is a ticking time bomb. The Government needs to start taking this seriously and should urgently re-instate plans to get financial education onto the curriculum. It’s not the only one with a large debt issue to overcome – consumers owe £1.5 trillion in personal debt and need the basic knowledge and understanding to get this back under control.

“It’s also vital that those who are beyond school age stay on top of this too. Taking the time to understand any personal finance product you are signing up to will save you money on interest rates and charges that can catch out the un-savvy consumer. By doing this and keeping an eye on your credit rating, you’ll also be better placed to get the best deals on the market on your credit cards and bank account – which could save you over £400 a year.”

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