Working in partnership to help children learn about money and finances

Managing money is a key skill that is essential for adult life. Financial education therefore has the potential to equip young people with the confidence and skills they need to build their futures, open the door to a world of opportunities and transform their lives.

However, the level of financial capability in the UK is falling short of where it should be. In fact, just 38 per cent of children receive some form of financial education in school and according to the Money and Pensions Service, 67% of young people admit they don’t feel confident in planning for their financial future.

With research showing that children’s mindsets around money are being developed by the age of seven years, it’s crucial we start teaching them about money early. We can’t rely on schools to do this on their own – parents and carers play a key role – particularly when 91% of children turn to their parents for money advice. Informal educators and other organisations also have a part to play.

Financial education also needs to be relevant, meaningful and relatable. Particularly at a time when young people face challenges which their parents and teachers didn’t experience themselves, such as cryptocurrencies, social media misinformation and an increasingly cashless society. What can we do to ensure that we equip them with the skills to navigate this new digital landscape?

Developing financial education resources 

This is where Young Enterprise can help. As a national charity established in 1962, we equip young people aged between 5-25 with the skills to learn to earn and look after their money. 

Through our work with teachers and other educators, we understand what engages children with their learning and are proud to be recognised as a trusted provider of financial education resources, supporting schools, colleges and universities throughout England and Wales.

We also work in partnership with organisations across the financial services sector – including banks, building societies and insurance companies – to co-create and accredit their financial education resources which are designed to help young people develop their knowledge of money and finances. 

Our approach is very collaborative and can be tailored to your needs. Some of our partners are keen to work closely together to co-create resources, and others prefer to commission us to design resources based on their brief – we are happy to work together in a way that suits you.

Additionally, we offer resource accreditation through the Financial Education Quality Mark. The accreditation is a rigorous process which provides educators with the confidence that these resources are of the highest educational value, contain accurate and up-to-date information and are engaging and relevant for young people. 

Partnership working in action: Family Building Society

Family Building Society believe it’s really important for young people to have the knowledge, skills and confidence to manage their finances well. When they decided to create a series of guides designed to help children learn about money in a fun and engaging way, they approached Young Enterprise as they recognised our credentials as a trusted provider of financial education content to teachers, other educators and parents.

The guides cover topics such as understanding different savings accounts, credit, budgeting and foreign currency; they are full of great tips and fun activities for children of all ages and are already proving popular. And as they have been awarded the Financial Education Quality Mark, parents and educators can use them knowing they have been rigorously assessed.

Alistair Nimmo, Director of Marketing at Family Building Society, is delighted with the series of guides, explaining, “Combining Young Enterprise’s experience of developing financial education content with Family Building Society’s commitment to working with the local community provided an excellent opportunity to work in partnership and engage young people in learning about money and finances. We’re excited to be able to help parents support their children develop their knowledge and understanding of money management and financial education.”

Want to learn more?

Contact the team at advisory@y-e.org.uk  or call us on 020 4526 6389‬. Alternatively, find out more about Young Enterprise and how we help young people learn to earn and look after their money.