DOES YOUR FINANCIAL LITERACY ADD UP?

These are some of the things children should be able to do at certain ages, according to the charity Young Money.

3-5 years

Recognise coins and notes

Understand money can be spent on different things

Be aware that money can be saved (eg into a piggy bank)

Describe how money makes them feel

5-7 years

Choose the correct value of coins

Keep simple financial records

(eg a spending diary)

Explain the difference between need and want

Know where money comes from

7-9 years

Know noncash ways of paying

Understand the benefits of a bank account and the risk of debt

Describe the need for a job and why some pay more than others

Explain the benefits of charity

9-11 years

Do simple foreign exchange calculations

Plan and manage a basic budget

Keep money and personal information safe from scams

Explain the pros and cons of interest

Understand how taxes work

11-14 years

Understand credit

Interpret financial statements

Describe how insurance works

Explain the relationship between risk and reward

Recognise and avoid fraud