Personal Finance Education counts more than ever for children
It is perfectly understandable that parents should want their children’s education to focus on core subjects. Personal finance is now taught as part of mathematics and features in non-statutory programmes of study for Citizenship, Personal, Social, Health and Economic education (PSHE education) at key stages 1 and 2.
Times have changed and children are gaining experience of dealing with money earlier and earlier, spending and saving their pocket money, mobile phones, pre – paid cards and part time jobs. Crucial decisions are having to be taken about student loans, getting a job or living independently.
Home – Start is a national charity that supports parents and families in hard times. In August this year they published the ‘Money Talk: Adults’ and children’s views on talking about money’ report. A total of 53 children (aged 5 – 10) in three locations across England participated in discussion groups and 2,373 adults contributed to a YouGov survey and 12 parents shared their personal experiences of talking about money in detail. The report shows that children have a relatively sophisticated understanding of money and want to be involved in decisions about what their families spend. Children are naturally curious about issues related to money and able to grasp even relatively complex concepts (e.g credit) if they are explained in terms and language with which they are familiar.
Personal finance is a subject that provides an opportunity for adults and children to engage with each other and explore really useful and interesting facts. pfeg (Personal Finance Education Group) is the UK’s leading organisation helping schools to plan and teach children and young people how to manage their money now and in the future.
pfeg has a wealth of resources that make learning about finance both simple and fun. More than 4.3 million young people understand money better through pfeg’s annual My Money Week. Over 122,000 resources to help teach financial education have been ordered from pfeg and since 2005 we have reached more than 1.3 million young people in the UK through My Money Week activities in 2013. Following pfeg’s merger into Young Enterprise, the leading enterprise education charity, the organisation is a hub of resources for students and teachers for both financial and enterprise education.
Finance education is becoming more prominent in schools and proving to be essential to a child’s development. Parents can play a part role in helping their children grasp the value of money as well as sharpen their own skills.