NatWest surpasses target by teaching another 1.5 million young people about money
NatWest has exceeded its MoneySense financial education target set in October 2015, to educate a further 1 million young people about money by the end of 2018.
23 July 2018
Since this commitment, NatWest has reached a further 1.5 million young people through MoneySense’s free and impartial financial education resources, thanks to the support of staff, volunteers and school teachers.
Financial Research from the Money Advice Service shows increasing evidence that by the age of seven, children have developed their attitude and values towards money which are likely to stay with them for life. Only 43% of young people are confident managing their money, 59% of 16-17 year olds can’t read a pay slip and 32% have no experience of putting money into a bank account. With ever-evolving technology and trends continuing towards less physical cash, MoneySense plays a vital role in young people’s financial education from primary school to high school.
Kirsty Britz, Director of Sustainable Banking, NatWest, said: “We are delighted to have reached and exceeded our target – teaching 1.5 million more young people about money. At NatWest, we know the importance of developing good money habits early, so I’m pleased we’ve also been able to enhance our service to recognise those schools that want to go one step further in encouraging children and young people to learn about money management in school and at home.
“The need for financial education is clear. More than a third of parents worry about their children asking them a question about money that they themselves can’t answer. The earlier that we can intervene and support teachers and parents to provide up-to-date information to their students, the better. I’d encourage schools and parents alike to use these free NatWest resources in their classrooms, and at home – it’s easy to register at mymoneysense.com.”
MoneySense School Accreditation Programme
Schools can now get involved in the MoneySense School Accreditation Programme, which has been designed to encourage all pupils to participate in financial education, taking learning out of the classroom and into the day-to-day lives of young people. MoneySense accredited schools proactively introduce parents to the resources available through the MoneySense website in school communications so that financial education can continue at home and improve parent’s knowledge and confidence when talking to their children about money.
Heymann Primary School in the borough of Rushcliffe is one of 30 schools which are already involved in the programme.
Kenneth Clarke, MP for Rushcliffe: “It is vital that we teach young people about money in a way that is engaging and sensible. I would therefore like to recognise Heymann Primary for their commitment to ensuring every pupil receives financial education while they are in primary school and welcome the MoneySense accreditation programme.
“I’d also like to commend NatWest for exceeding their financial education target of teaching another 1 million young people about money by the end of this year. I would strongly recommend all schools to use these essential free resources to help teach children and young people about money and finances.”
NatWest MoneySense is the free and impartial flagship financial education programme from NatWest for 5–18 year-olds, helping young people to make sense of money and build a better financial future.
Earlier this year, NatWest MoneySense introduced a new workshop module to teach young people aged 8-12 about the importance of avoiding scams and increase their awareness of fraud. The fraud workshop saw pupils having to solve a number of clues and identify different types of fraud to help them learn how to keep themselves and their families safe from fraud and scams. This year, MoneySense has also introduced resources specially designed for children with special educational needs and disabilities, as well as modules designed to tackle the increasing number of Money Mule schemes and gambling related issues facing young people.
Gambling and poor money management can contribute towards poor mental health among young people. During Mental Health Awareness Week, NatWest is raising awareness of the problem by introducing new educational materials to its MoneySense programme.
As part of Financial Capability Week, Director of Sustainable Banking Kirsty Britz shares how the bank is supporting parents to help their children become confident money managers now and in the future.