How are children financially educated, and is that the most effective way?

Our core belief at Serenity, is to enable people to have a rewarding, fulfilling life, without having to constantly be on edge about their money.  A good financial plan and structure spills over in abundance into our lives, creating the freedom to appreciate and follow our dreams.  By the same measure, a poor financial plan (none at all) leaves us on a constant highway of trouble truck after worry wagon heading in our direction.

In 2014, financial education for young people was included in the National Curriculum, yet there are still very worrying findings about its effectiveness of delivery.  It found that our young people are growing up financially illiterate, yet more exposed to opportunities to use money.

Back in the 1990’s the now defunct British Bankers Association had an arm called the Banking Information Service, where young Banking professionals spent times in schools, helping children to understand money.  From debt recovery clerks in Penzance, to investment advisors in Aberdeen, children were benefitting from professionals explaining first hand of the perils and benefits of money management.  On one occasion, I spent a morning in a Tower Hamlets school, working with children who’s second language was Bangladeshi, with their native village tongue as the first.  Language barriers aside, these children were delighted to have young professionals come to their school, interacting with, and helping them understand the perilous world of money.

The change of scenery, teacher and style for these inner city children no doubt helped to enforce the message all the better, and that alone, may have left a lasting impression.  It is this impression which may help our children develop a stronger and healthier start in their relationship with money, and ultimately, through their lives.

It would certainly seem to be a time to change the way we explain money to children, how the lessons are ‘delivered’ and who should perhaps should be delivering them.  After all, David Beckham coming to school to teach football for a morning is likely to be more memorable than Mr Jones (unless of course the teacher was Vinny).

Together we can bring some Serenity to your life

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