My Money! Government gives children finance lessons in school
Last updated 10/24/2008 11:26:06 AM
My Money Government gives children finance lessons in school
The Government is launching My Money - a £11.5 million financial education programme for children and young people in schools.
My Money will be driven by a consortium led by pfeg (personal finance education group) and aims to give young people the knowledge and skills they need to understand the complex world of 21st century finance and manage their own finances successfully.
To coincide with the launch of My Money, pfeg has commissioned research which shows that finance is becoming a topic of conversation around the family dinner table.
Children are beginning to feel the impact of the credit crunch as parents increasingly discuss money issues in the home. 70 per cent of parents say money is a more regular topic of conversation at home at the moment than it was 12 months ago.
The research showed that 44 per cent of parents believe working in partnership with schools is the best way to deliver financial education; reinforcing the fact that now, more than ever, schools have a crucial role in helping to deliver responsible money messages to young people.
The increase in ‘cash conversations' at home is pushing parents out of their comfort zone. More than three-quarters of parents (77 per cent) admit that they would normally try to avoid exposing their children to money concerns.
Almost a third of parents (30 per cent) regularly dodge the topic of money at home; 25 per cent of these parents state this is because childhood should be a carefree time and they don't want to burden kids with thinking about money.
The research further demonstrates that a quarter (24 per cent) of all parents feel they could not handle the more complicated questions their kids' might ask about money.
The Government believes My Money will be the first financial education programme in schools to provide a completely joined-up approach to financial education from when a child first starts school, through the transition to working life or further and higher education.
To help parents tackle the more difficult financial questions their children might ask, My Money will also provide Parents' guides to bring what is learnt in the classroom into the home.
Secretary of State for Children, Schools and Families, Ed Balls said: "Financial capability education has always been high on the Government's agenda. This research demonstrates that it is more crucial than ever that young people are fully equipped with the confidence, skills and knowledge to manage their money effectively both now and when they become adults.
"Lessons learned at school can help young people in their day to day financial planning and this will help equip young people as they leave school to begin working life or continue with their education."