Guidance for Scottish pupils where it counts
In a new initative co-funded by money expert Martin Lewis, hundreds of Scottish schools have just received an informative financial education textbook which provides teenagers with vital guidance and support on managing their finances
ANEW initiative cofunded by money expert Martin Lewis has delivered almost 27,000 copies of a new financial education textbook to over 350 secondary schools across Scotland. Assisted by Young Enterprise Scotland and also co-funded by the Money and Pensions Service, the textbook has been developed to help schools deliver a new programme on financial education, providing more students with essential knowledge, skills and attitudes towards money as they move towards greater independence.
The high-quality 148-page textbook has been produced with support from Education Scotland and is particularly crucial at a time when many families and individuals have been financially impacted by the pandemic.
Your Money Matters is designed for S4 and S5 students, although it can also be adapted for use by both younger and older students. The textbook is mapped to the Curriculum for Excellence and has been trialled with teachers and students.
It is also certified as a ‘Quality Mark’ resource, which is the UK’S only widely recognised accreditation system for financial education resources.
The Scottish edition builds on the successful 2018 roll-out of the textbook in England, where 340,000 copies were delivered into schools by financial education charity Young Money, with funding from Martin Lewis.
The importance of saving money, how to manage a budget, understanding payslips, student finance, protection against fraud and identity theft is all covered in this informative and engaging resource. The textbook contains a wealth of facts and information as well as interactive activities and questions for students to apply their knowledge.
Children and young people growing up today are exposed to an increasing range of financial decisions, from dayto-day activities such as whether or not to download apps and music online, to longer-term decisions, such as how to finance a car purchase, and student financing.
Your Money Matters has been cocreated by Young Money (part of Young Enterprise) to help give students the knowledge, skills and attitudes needed to make informed decisions about managing money, now and in the future. By exploring a variety of themes around key topics such as saving, borrowing and the world of work, Your Money Matters will help students to become financially capable and learn to manage money successfully.
In 2020, the UK Strategy for Financial Wellbeing ten-year framework was launched to help achieve the vision of everyone making the most of their money. It aims to reach two million more children and young people with a meaningful financial education across the UK by 2030, and this textbook is an important step to achieving that ambition in Scotland.
Education Secretary, Shirley-anne Somerville, said: “Financial education is an important part of the school curriculum, preparing young people with skills for life and work. I am pleased that this valuable resource for young people has been adapted for use in Scotland by Young Enterprise and that all secondary schools will receive copies. I am grateful to Martin Lewis, Young Money and the Money and Pensions Service for ensuring Scotland’s teenagers can engage with and learn from this excellent resource.”
Martin Lewis, founder of Moneysavingexpert said: “The pandemic has shown the lack of personal financial resilience and preparedness of the UK as a whole. Not all of that can be fixed by improving financial education, but a chunk of it can.
“Of course, we need to educate people of all ages, yet young people are professionals at learning, so if you want to break the cycle of debt and bad decisions, they’re the best place to start.
“I was one of those at the forefront of the campaign to get financial education on the curriculum in England in 2014, and we celebrated then thinking the job was done. We were wrong. Schools have struggled with resources and there’s been little teacher training.
“Something else was needed to make it easy for schools and teachers. So even though I questioned whether it’s right that a private individual should fund a textbook, no one else would do it, so I put pragmatics over politics and did it in 2018. I’m delighted that now we’ve proved the success of that book in England, the Money and Pensions Service has agreed to team up to provide this much-needed resource for Scotland – adding a rightful sense of officialdom to the whole project.”
Geoff Leask, CEO at Young Enterprise Scotland, said: “In an increasingly complex world, where young people face a huge variety of financial decisions, it is vital that firm financial foundations are put in place as early as possible in their life. Your Money Matters aims to help young people get to grips with these money choices, which will have such a massive impact on their future lives.”
Allison Barnes, Scotland Manager at The Money and Pensions Service, said: “We know that learning about money when we’re young can have a direct impact on our ability to manage money later in life. However, only 45% of 7-17-year-olds in Scotland recall having had any financial education at school, which means too many young people are at risk of entering adulthood without being prepared for the moneyrelated challenges that lie ahead.
“The launch of the Your Money Matters textbook in Scotland is a vital step towards equipping schools with the support they need to bring financial education to the forefront within the classroom and beyond. The financial impact of the Covid-19 pandemic means that building money skills and confidence has never been more vital.
“The textbook forms part of a £2million Uk-wide package by the Money and Pensions Service to support the delivery of meaningful financial education, including to 150,000 more children growing up in Scotland by 2030.
I am pleased that this valuable resource for young people has been adapted for use in Scotland
See www.young-enterprise.org.uk/ your-money-matters-scotland