Teachers back calls to give kids lessons in money

Published by Rachel Lacey on 11 April 2018.
Last updated on 11 April 2018

Teacherandkids

As many as 80% of primary school teachers believe that financial education should be on the school curriculum, according to new research from Prudential, while 69% said parents should get more support in helping teach their children about money.

The findings come from the insurance company’s financial education programme Cha-Ching and were shared among a group of MPs chaired by MP Julian Knight – who is also assisting in the judging of Moneywise’s own Personal Finance Teacher of the Year Competition, which recognises and rewards those schools which are committed to teaching children about money.

Cha-Ching provides teachers (and parents) with online resources to teach younger children about personal finance in partnership with Young Money, and it has been used by approximately 650 primary schools in the UK so far.

One of the major concerns identified by the research was our greater dependence on cards and contactless payments, with 67% of teachers expressing concerns that children’s mental arithmetic skills were suffering as a result. Moreover, 81% of teachers said that children aged seven to 11 years old do not have as good an understanding of money matters as they should.

Teachers ready to give lessons in money

Only a fifth of primary school pupils (21%) learn about money at school every week. The majority only receive financial education on a very ad hoc basis. Reassuringly however, 75% of teachers would be confident teaching children about money if school timetables permitted it. Only 11% said they did not feel qualified to cover the subject.

Jane Rawnsley, Head of Prudential’s Cha-Ching financial education programme, says: “Financial education in primary schools is just not adding up. We know that financial habits are learnt early and teachers agree. That’s why they’re calling for financial education to be part of the curriculum in primary schools.

“Getting children comfortable with the concept of money, its value and the cost of day-to-day items has never been more important. But digital technology making it easier to pay for things is making money appear more intangible than ever before. The basics of earning, spending and saving should to be instilled in children from as early an age as possible, and teachers recognise this.”

Deadline to Moneywise Personal Finance Teacher of the Year competition extended

If your children are some of the lucky few to be getting lessons about money, it’s not too late to nominate their teacher. Alternatively, teachers can enter directly.

Teachers now have until 30 April to submit an entry and there is £12,500 in cash prizes for the winning primary and secondary schools.

Leave a comment

i'm all for teaching kids

i'm all for teaching kids about money management, but who's going to teach them, certainly teachers they cannot manage their own money, blind leading the blind

Surely financial education is

Surely financial education is on the national curriculum? There were plenty of articles in the media to that effect back in 2014.

Why can't the parents teach

Why can't the parents teach their kids about money and banking like our parents did or is it that many of todays parents can't handle their money themselves. By what I have seen from teachers I have known and I have known a few over the years many of them are unfit to teach kids more than how to count their money, teachers giving kids finacial advice is a dangerous move.Parents and kids are very lucky today as they can look things up on the internet or discuss on social media. Teachers should only be teaching the maths with persentages and fractions, no wonder kids today have little understanding of many essential things in life as schools are being told to teac what is the parents duty, if parents can't do their duty take away child benefits to pay for the extra education costs.