Riverside Primary School in Glasgow took part in DebtAware’s money skills lessons this week to raise awareness of the need for financial capability
Financial Capability Week 2016 is taking place from the 14th November and is designed to highlight the work being done to improve the nation’s ability to manage money and avoid debt.
New findings by the Money Advice Service shows that just 4 in 10 young people in the UK say they’ve received financial education, despite the fact that an overwhelming 90% who’d received financial education lessons said they found them useful. Among 16 – 17 year olds, 32% said they didn’t have experience of putting money into a bank account and 59% couldn’t read a pay slip.
The programme designed by the charity to teach children aged 9-13 how to establish money skills for life, before bad financial habits are formed. The charity currently works across Scotland in ten primary schools with the aim of reaching many more.
A number of pupils became Money Mentors and taught their fellow classmates about the difference between wants and needs and how money is linked to the world of work.
Education Manager Brian Souter said of the event;
“The DebtAware programme is designed to make children realise that they need to plan for the future, not only how they will manage money and how credit works, but also the effects of doing well at school on their career choices and future wage.
“We are a passionate advocate for improved financial capability from an early age which is why we created this programme. We’re very proud to be taking part in Financial Capability Week and spreading that message.”
Louise Brimelow, Headteacher at Riverside Primary School said;
“The children have learned a great deal about the management of money, they have become particularly aware of the difference between having money for their ‘needs’ as opposed to their ‘wants’. They have shared this with their families and parents have commented on how the children have talked to them about sensible management of available money at home.”