Educators can help pupils budget, bank and save thanks to a new guide by the UK’s leading Financial Education charities for Young People.
The Youth Financial Capability Group (YFCG) aims to demystify the complex array of offerings so schools can use what works for them.
Financial Education is a partially compulsory element of the national curriculum across the UK; topics are embedded in subjects such as Maths, Citizenship and PSHE. However, less than half of 7-17 year olds in the UK say they received money lessons. Young People have also taken some of the hardest economic hits of the pandemic and are the most susceptible to scams.
The Guide to Financial Education Support details methods such as expert-led Workshops, training and qualifications that empower teachers to provide meaningful Financial Education for 5-25 year olds. It will be distributed to schools across the country.
The collaboration includes The London Institute of Banking & Finance, The Money Charity, MyBnk and Young Money, who have collectively helped nearly 2.5 million pupils learn how to manage their money and understand the world of finance.
Studies have shown that many teachers lack the time and confidence to tackle topics such as budgeting, debt and student finance. YFCG member research, with the Money and Pensions Service, has proved that expert support boosts students’ Financial Capability.
There is no ‘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 from where. The YFCG’s hope is that this guide can equip schools, colleges and other settings with an authoritative outline of those best placed to support them in their delivery of this vitally important aspect of the curriculum.
About the YFCG – The YFCG brings together charities who have a significant focus on developing the Financial Capability of Young People within the UK. Members collaborate to further the profile and delivery of Financial Education across and beyond the UK curriculum. It works closely with the Money and Pensions Service.
The provision of high-quality, relevant and age-appropriate support is at the heart of what each organisation does and they believe that in order to achieve this, there needs to be a range of tailored approaches. These approaches include classroom workshops, teacher training, qualifications and bespoke projects.
Members include The London Institute of Banking & Finance, The Money Charity, MyBnk and Young Money.