Are children learning enough about finance in school?

Are children learning enough about finance in school?

Published at 12:54pm 24th September 2019.

BDB Financial Promoted by
BDB Financial

In a world when most transactions are now contactless, is the concept of money becoming harder for our children to grasp?

  • BDB Financial are offering free financial workshops for local schools and are encouraging people to talk about money.
  • The national curriculum includes some financial education but 54% of parents want to see more personal finance topics taught in schools.
  • Just 7% of pupils talked to their teachers about money last year according to the Money Advice Service.

With parents becoming increasingly concerned that their children leaving school without knowledge of basic personal finance, are schools doing enough to equip children with what is an essential life skill?

Research conducted on behalf of MyBnk and global bank MUFG found that 90% of UK parents want financial education to remain on the national curriculum, with 54% wanting to see more time spent teaching personal finance and 56% willing to cut time from other subjects to do so.

BDB Financial in Harrogate, who offer free financial advice to under 25's, believe that some children could be over-reliant on the Bank of Mum and Dad and that talking about personal finance could be the key:

"We want to try to take some of the fear away about money. Money can be quite a scary thing and a lot of people seem unwilling and unprepared to talk about it.

"If we don't talk about it with young people and help them improve their knowledge then it's not going to get better. Some of that stigma needs to be broken down I think."

Andrew Brook-Dobson, Managing Director at BDB Financial

Contactless credit card
With most transactions now contactless, are children missing out on learning about the concept of money?

Offering advice on topics such as budgeting and how to avoid unnecessary debt, BDB are keen to help young people differentiate between 'wants' and 'needs'. Andrew added:

"We want to help people get a balance between living for today and living for the future. People want an instant hit, instant gratification, and a lot of the good behaviours around money are about deferred reward."

Financial Wellbeing Workshops

BDB Financial have started their own free 'Financial Wellbeing' programme, which involves going into local schools and running sessions with younger students and their parents on financial education, financial literacy and financial wellbeing.

With topics ranging from budgeting, banking and borrowing to student finance, tax and pensions, the sessions are designed to give both younger people and their parents a comprehensive understanding of important topics around finance.

The workshops help form positive habits such as identifying the difference between 'wants' and 'needs', and also the need for budgeting using engaging concepts designed to equip young people with practical skills.

If you would like BDB Financial's involvement in your child's school, get in touch via their website or by calling them on 01423 855680. 

Ben Groom from Stray Lifestyle spoke to BDB Financial Managing Director Andrew Brook-Dobson:

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