Kickstart programme to teach primary pupils about finance

Boy counting money at a table

Leading City institutions are calling on the government to include financial education in the primary school curriculum, a report in the Guardian reveals. Twenty leading savings and investment firms in the UK have joined hands to set up a ground-breaking financial education project called KickStart Money.

The collaborative project is taking financial education to over 18,000 primary schools in the UK with the aim of catalysing “a movement to build a savings culture for the future.”

On the project, Lord Hutton, former Secretary of State for the Department of Work & Pensions, said,
“Learning about the basics of money is essential if we want to build a more financially literate nation. KickStart Money is an exciting and much needed new project aiming to help young students to understand the consequences of debt as well as the importance of saving and investing for their future.”

The educational programme consists of three 75-minute workshops with expert trainers from the charity MyBnk. Reports so far indicate that 70 per cent of pupils who receive the training continued to work towards a saving goal three months after taking part.

Findings are being presented to MPs and peers at Westminster. The KickStart programme organisers are hoping to convince policymakers that teaching children about money management will help a generation to become more financially literate.

According to KickStart many parents don’t talk to their young children about money, when in fact behavioural attitudes to money are formed by the age of seven. Co-chair of KickStart, Jane Goodland argues that while basic numeracy skills are helpful, being competent with numbers doesn’t necessarily equate to being good with money.

Earlier this year, the Archbishop of Canterbury’s Just Finance Foundation argued that primary school pupils should receive compulsory lessons on how to manage money as part of the response to growing levels of financial insecurity and problem debt in the UK.

It is hoped the KickStart pilot scheme will be met favourably by government. Suella Braverman (formerly Fernandes), Conservative MP for Fareham and Chair of the All Party Parliamentary Group (APPG) inquiry into the effectiveness of financial education in UK schools said:

“Financial education has the potential to transform people’s life chances by equipping them with the vital skills to manage their money well and plays an important role in helping young people to navigate these new financial and consumer landscapes. Kickstart Money is a great new project which will help children up and down the country to learn how to manage their personal finances, setting them up to deal with the financial challenges of later life.”

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