Whether you call it financial education, financial literacy or financial capability, there’s no doubt children and young people need to learn how to manage money. Our free resources are here to support you and are available for teachers, parents and teenagers to use at home.
Children and young people know they need to learn about money. The Young Persons Money Index, which we published in November 2019, revealed that 69% of secondary school students regularly worry about money. Among 17 and 18-year-olds, that figure rises to 82%.
Being on top of finances helps individuals to manage their day-to-day lives successfully. That means they can focus on their ambitions while avoiding falling into unsustainable debt.
Financially savvy consumers are less likely to buy unsuitable products and understand more about what they're getting into. For the financial services sector, that means fewer complaints and claims for compensation.
Financial distress and health
Conversely, poor financial health strains relationships and can cause family breakdown. Stress exacerbates health conditions like heart disease and high blood pressure, as well as mental wellbeing.
Sadly, many Britons are not managing their finances well. In January this year, the Money & Pensions Service reported that in the UK:
- 11.5 million people have less than £100 in savings to fall back on
- 9 million often use credit to pay for food or essential bills, and
- 22 million don’t know enough to plan for their retirement.
Learning about finance
While some schools have reopened to some children, we’re aware that many young people are still studying at home because of Covid-19.
If you’re looking for fun activities for students – or even yourself – why not download our free financial education resources?
The first topic covers the different types of income, tax and national insurance and payslips. Topic 2 will teach you about savings, the different types of account and how interest is calculated before Topic 3 moves on to borrowing and debt.
Each topic ends with activities and suggestions on how to explore the subject further.
Financial education for LiFE
Are you a teacher who would like to incorporate financial education in your lessons, but don’t have the teaching time?
Lessons in Financial Education (LiFE) is an online study programme using animation, games and music to make learning about finance fun and accessible. No teaching time is required – students can do the programme themselves and it can lead to a GCSE equivalent (although it doesn’t have to).
LiFE has helped thousands of students around the UK become financially confident. Could it help your students?
Find out more about our LiFE Programme
See more about our free financial education resources