Children can get online help to improve their understanding of personal finance with videos, games, role play and quizzes
A website has been launched to help primary school children stuck at home because of the coronavirus pandemic learn about financial education.
The charity MyBnk has created a free home-based learning programme for the families of five to seven-year-olds to help them learn about personal finance.
Family Money Twist gets the whole family learning how to save and spend responsibly through adapted curriculla.
It offers children a range of videos, games, role play and quizzes to help increase their understanding of personal finance.
Maths, drawing, literacy skills and drama are used to build positive habits and improve children’s understanding of the value of money and delayed gratification.
The initiative is funded by KickStart Money, a coalition of the UK’s biggest financial institutions.
Guy Rigden, chief executive of MyBnk, says: “We believe that to properly manage your money, you need to start learning about it from an early age to make positive choices in the future. Families are the most important messengers in children’s lives but personal finance is often a taboo subject.
“We hope these tools can help develop the healthy attitudes and behaviours that lay the foundation for greater financial resilience in these testing times.”
Why is it needed?
Money consciousness and attitudes are set at the age of seven, according to research from the Money Advice Service.
Currently there are no compulsory money lessons for primary school children in the UK.
The coronavirus pandemic has had a huge impact on millions of households, many of whom were already in a fragile financial situation.
With the impact of the pandemic likely to last years, having an in-depth knowledge of personal finance issues will become more important than ever.
John Glen, the city minister, says: "These programmes will help young people to make smart financial decisions when they’re older.”
Family Money Twist
MyBnk has launched one of its programmes, and will launch the other on 11 May.
The first is aimed at school years one and two (five to seven year-olds), and the second will target school years three to six (seven to 11 year-olds).