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The importance of teaching financial education in schools

04 February, 2019Elise Chevalier

Male-teacher-helping-financial-education-students71% of young people across all age groups worry about money. How can schools and teachers play a role in helping to instil confidence into students?

According to this year's Young Persons’ Money Index, 62% of young people now say they receive financial education in school. However, the amount of time spent on financial education has dropped drastically - 52% of students say they have access for less than an hour a week to financial education, with most receiving considerably less than this.

Why is financial education important?

To really be financially capable, young people need help understanding the practicalities of managing money, day-to-day and for the long term, and teachers need support to deliver that. So financial education needs to be taught in the right context, and teachers need the right tools and materials.

Teaching financial education in schools can help to instil the knowledge and confidence young people need to make informed financial decisions, as well as inspiring the next generation of finance and banking professionals.

How to introduce financial education in your classroom

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 how it relates to their interests.

We can help you find lots of fun resources and competitions that can help students become more engaged, including;

  • Our LiFE programme focuses on providing real-life engaging activities and contextual maths while it requires minimal intervention from teaching and support staff.
  • The Student Investor Challenge competition gives students the chance to experience what it’s like being a stock broker in a fast-paced and competitive market. 

It's important to get students thinking about money and finance as it impacts their daily life.

The next step to introduce financial education in schools

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 to help you understand and relate the key financial concepts to yourself and your students.

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.

The great thing about teaching personal finance is how relevant it is in the real world. This can help you engage with the material, as well as helping engage your students in the classroom.

Interested in attending a CPD Financial Capability training session? 

 

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