Teach­ing

Huddersfield Daily Examiner - - News -

MAN­AG­ING money is a vi­tal skill all young peo­ple need to learn, yet it seems many teach­ers be­lieve pupils aren’t be­ing told the es­sen­tials. Although fi­nan­cial ed­u­ca­tion be­came part of the Na­tional Cur­ricu­lum in 2014, re­search sug­gests half of sec­ondary school teach­ers rate the per­sonal fi­nance lessons de­liv­ered at their school as ei­ther poor or only sat­is­fac­tory, and the vast ma­jor­ity (87%) say there’s a sig­nif­i­cant gap be­tween what’s taught to chil­dren in schools and the skills needed as an adult.

In­deed, the re­search by fi­nan­cial ser­vices provider OneFam­ily found 38% of teach­ers say their teenage pupils don’t un­der­stand the dif­fer­ence be­tween a credit and debit card, and 16% think pupils don’t even know where money comes from. Over­all, the ma­jor­ity (55%) of teach­ers be­lieve there’s not enough fo­cus on pre­par­ing teens to man­age their own fi­nances.

Steve Fer­rari, man­ag­ing di­rec­tor of chil­dren’s sav­ings at OneFam­ily, says : “Jan­uary is a time when many par­ents will be get­ting them­selves fi­nan­cially pre­pared for the new year so it’s a great op­por­tu­nity to chat to kids about money, too. While teens might be taught fi­nan­cial ed­u­ca­tion, un­for­tu­nately many teach­ers think it’s not fit for pur­pose and be­lieve there’s a sig­nif­i­cant gap be­tween the skills taught in schools and those needed in the real world.

“It’s cru­cial that chil­dren reach adult­hood know­ing the ba­sics of per­sonal fi­nance.”

YoungMoney, which pro­vides in­for­ma­tion and train­ing to teach young peo­ple how to man­age money has just teamed up with Money Sav­ing Ex­pert Martin Lewis to pub­lish Your Money Mat­ters, the first cur­ricu­lum-mapped fi­nan­cial ed­u­ca­tion text­book which is be­ing sent free to se­nior schools thanks to a £325,000 per­sonal do­na­tion from Martin.

Michael Mer­cieca, CEO of Young Money, says : “Fi­nan­cial ed­u­ca­tion is a topic that still doesn’t al­ways get the recog­ni­tion in the ed­u­ca­tion sys­tem that it deser ves, de­spite its fun­da­men­tal im­por­tance for ever yday life. It’s vi­tal to the per­sonal well­be­ing of in­di­vid­u­als and to the coun­try that we im­prove the ed­u­ca­tion of young peo­ple in this area to give them the best pos­si­ble chance of suc­cess in the fu­ture.”

But ed­u­ca­tion starts at home, and 84% of teach­ers think par­ents should do more to teach their chil­dren about per­sonal fi­nance. To help, OneFam­ily has drawn up some tips to help par­ents teach teens about money, and Young Money has high­lighted 15 key as­pects of fi­nance sec­ondary school pupils should be aware of.

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