Around half of Britain's young people feel like they don't have enough knowledge to manage their personal finance, so how can schools and teachers play a role in helping to instill confidence into students?
According to the findings from The Young Persons’ Money Index 2016 only 50% of young people feel they have enough knowledge to manage their personal finance, with 60% of young people admitting to worrying about their personal finances.
With an ever-changing future, it is crucial to educate young people to manage their money well and make sound financial decisions so they can be certain that they have the required resilience for the future.
As a teacher, it's important to help prepare young people for life in modern Britain. One way to help prepare students is by teaching Financial Capability in schools. Teaching Financial Capability can help schools instill the knowledge and confidence their pupils need to make good financial decisions, as well as inspiring the next generation of finance and banking professionals.
But how can teachers feel confident to teach lifelong financial lessons to their students?
1. Prepare, prepare, prepare
Preparation is key when teaching financial education to students. It's important to remember that while finance can come across as stuffy, it's an exciting, fast-moving industry that impacts every element of life. Think about the information students need to use in day-to-day circumstances - budgeting, savings accounts, compound interest and how to understand bank accounts - and think about it how it relates to their interests.
You can find lots of fun resources and competitions that can help students become more engaged. Sign up teams to the Student Investor Competition. It's important to get students thinking about money and finance, and it impacts daily life.
2. Build your confidence
Teaching financial capability can sometimes seem very daunting. The fact that many teachers are still learning about finance through life experience, can make many feel that the syllabus will be too tough to teach. But learning from financial education experts, as well as other teachers, can help improve your confidence in the curriculum. It's important to brush up on your own financial knowledge, as that can help you understand and relate the key financial concepts to yourself and your students.
3. Attend a training session
Attending a training day, like the Financial Capability CPD day
, helps give more insight into teaching these courses, and gives you a chance to meet other teachers and share best practice and expertise in dealing with the content and concepts you have to teach.
Head of Financial Capability at The London Institute of Banking & Finance, Julie Pyatt, thinks the ability to network and discuss the qualifications with other teachers is invaluable.
"Hosting these CPD sessions is a real privilege as having the opportunity to collaborate with schools and raise confidence in teaching ultimately benefits young people," she said.
"It has been fantastic to meet and discuss past delivery of qualification and being able to support and improve future delivery has been a real positive to presenting at these."
Remember that the great thing about teaching finance is how relevant it is in the real world. This can help you engage with the material, as well as helping to engage yor students in the classroom.
Interested in attending a CPD Financial Capability training session? Find out more and register here.