Helping children better understand the value of money

Although financial education became a compulsory part of the secondary-school curriculum in England in 2014, some pupils are still missing out, particularly in primary schools.

Research commissioned by Money Advice Service shows that by the age of seven children have developed their attitudes and values towards money, which are likely to stay with them for life.

Watch our new Credit Café video below, where we discuss financial education in primary schools

Indeed, children are likely to get their first mobile phone by the age of eight and begin online shopping by the age of 10.  So we can see it’s increasingly important to help children better understand the value of money at the earliest opportunity.

Tackling loans sharks at an early age
Amid concerns that tighter restrictions on legal short-term lending might encourage more families to resort to loan sharks, Experian and the England Illegal Money Lending Team (IMLT)  have teamed up to tackle the issue in classrooms, by working together with pupils and teachers to develop new lessons.

The new resources form an extra module of Values, Money and Me, a free primary school resource quality marked by financial education charity pfeg (Personal Finance Education Group) and launched by Experian in 2012.

Unlicensed lenders continue to prey on vulnerable families and often resort to intimidation and violence if repayments are missed. Over the last ten years the IMLT, run by Trading Standards, has successfully prosecuted more than 329 ‘loans sharks’ and helped nearly 25,000 victims. You can find more information here about the new partnership between Experian and the IMLT .

Exploring the world of managing money
Developed and launched by Experian in 2012, Values, Money and Me’s aim is to help young, primary-age children get a head start in life by helping develop their financial knowledge and abilities, as well as their attitudes and values towards money, in a fun and engaging way.

Video: Values, Money and Me being used in the classroom

Available to all UK primary schools, the web resource – based on the financial dilemmas of the residents of Pride Place – has been designed to resemble a children’s storybook.

Simple to use, it explores key issues such as earning money, budgeting and saving, through a range of engaging activities, based on a series of interactive stories.

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