Early financial education gives children a head start

13th May 2020

According to The Financial Capability Strategy, part of the Money & Pensions Service, children’s attitudes to money are well-developed by the age of seven. In an ideal world, therefore, primary schools would be encouraging children not only to recognise the pounds and pence needed to buy their weekly Haribo rations, they should also be preparing them – through experiential learning – to open their own bank accounts at age 11.

Research confirms that children and young adults who receive a formal financial education are more likely to be money confident. They are more likely to have a bank account, understand debt, be capable of saving and generally have the skills needed to make the most of their money in future.

A life skill that ‘remains untaught’

Why, then, the organisation asks, is financial education not prioritised within the school curriculum? It says only four in 10 children and young adults currently receive financial education lessons and that educational establishments want to do more but are hampered by lack of curriculum time and financial skills and knowledge. The Financial Capability Strategy seeks to rectify this by providing resources for schools, parents, employers and individuals. Meanwhile, it’s worth noting that the top family board games promoting financial literacy are: ‘Cashflow 101’ and the ever-popular ‘Monopoly’, which now has junior versions.