Young people look for greater help with managing their money


Young people look for greater help with managing their money

43% of seven to sixteen-year-olds say they are worried about finances.

Economic Analysis

18 April 2013

As many parents know, children are often good at spending their mum and dad’s money, yet a lot more cautious when it comes to spending their own. Indeed, research released by RBS reveals just how careful many young Britons have become when it comes to looking after their hard-earned cash. *

A survey of over 1,000 young people also revealed that many seven to 16-year-olds are already “worried” about money and that the vast majority felt that personal finance lessons would help them become better prepared for the future. **

Additional RBS research showed that 90% of young people questioned believe it’s important to learn about money, while 87% called for more finance lessons in school. Furthermore, 83% of teachers agreed that MoneySense, the RBS and NatWest financial literacy programme in secondary schools, had real benefits – a clear case of teacher and pupil singing from the same hymn sheet.

In response, RBS and NatWest has now launched its Pocket Money programme for primary schools - designed to teach younger children about the importance of money whilst helping them to better understand key skills such as saving. Developed and tested with the support of teachers, the programme builds on the successful Pocket Money website for children – RBS and NatWest’s existing online site which was created to make learning about money a fun, shared experience for the whole family.

Ross McEwan, Chief Executive of RBS and NatWest Retail Banking said:

"We believe that all children should have the opportunity to be taught money skills and financial awareness from as early an age as possible."

The Pocket Money primary school programme has been independently accredited and awarded with a quality mark by pfeg (Personal Finance Education Group) – the UK's leading financial education charity - and the most trusted provider of knowledge, resources and support for anyone teaching children about money. 

Tracey Bleakley, Chief Executive of pfeg said:

"After years of campaigning, financial education looks set to be taught at secondary school level through the National Curriculum from September 2014.  That’s less than 18 months away – so now is a great time for primary schools to start teaching their pupils about money to give them the best possible head start. 

Free, quality marked resources like Pocket Money are an excellent way of equipping primary school pupils with the foundations.  This is crucial in ensuring they can build up their money skills and knowledge as they progress through the education system."

The launch of the Pocket Money programme is the latest development in RBS and NatWest’s wider programme of supporting financial education in schools, which they have been providing free-of-charge for nearly 20 years. The existing MoneySense programme for secondary schools has already reached over 2.5 million young people since 2005, and last year saw over 40,000 lessons delivered to over 341,000 pupils in 1,250 schools.  800 RBS and NatWest employees also volunteered their time, knowledge and experience to teach children about the importance of saving and understanding money.

For more information on RBS and NatWest’s Pocket Money resource, see www.natwest-pocketmoney.com and www.rbs-pocketmoney.co.uk

Alternatively teacher-specific resources can be found at http://teachers.natwest-pocketmoney.com or http://teachers.rbs-pocketmoney.co.uk

Notes for editors:

 

* 'RBS Research Panel Report 2012', a culmination of survey results of young people between aged 12 – 19 between 2007 and 2011.

** According to ‘Our Money, Our Future’ a survey of 1,001 young people aged seven to 16 published in autumn 2012 by charities National Children's Bureau (NCB) and Personal Finance Education Group (PFEG).

The new Pocket Money programme links in with the frameworks for Maths, PSHE and Citizenship at Key Stage 2 (for the Scottish curriculum the resources support Maths & Numeracy and Social Subjects at the Second Level of the Curriculum for Excellence). The lesson plans also link to a range of other curriculum subjects, including art, history and ICT.

The resources are divided into four topics:

  • Using Money: Improving pupils’ knowledge of handling money by teaching them practical skills including coin recognition and money sums
  • Money and me: Helping pupils take financial responsibility through subjects such as value for money, setting up a business and giving to charity
  • All about banks: Exploring how banks work and the services they provide
  • Money for life: Teaching pupils about the wider role of money in society, from jobs and household bills to taxes and government services

Under each of the four topics teachers will find eight engaging lesson plans, accompanying pupil worksheets, and supporting games and whiteboard quizzes, all of which tie into key learning objectives. The lesson plans can be delivered either as a set or individually, and teachers also have the option to browse lesson plans by curriculum subject. As well as input from experienced primary teachers, the programme has been focus-tested in schools to ensure maximum appeal and engagement with pupils.

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