As someone interested in teaching young people about money and helping them grow into money savvy adults, I'd like to share some statistics with you. Do you know that:
- 94% of 16 year olds believe it is important to know how to manage money, but few say they have been taught how to.
- 29% of 16-24 year olds said they would not know how to prepare and manage a weekly budget.
- Budgeting is the last thing on many students' minds as the vast majority of 16-24 year olds admit they don't keep track of their finances.
- Less than 10% of primary and secondary schools teach money management as part of the national educational curriculum and
- 62% of young people said if they got into money trouble or debt they would not be able to name any advice or support services they could turn to.
These statistics, as well as the lack of basic money management skills amongst kids and teens is worrying! Children need to understand basic money concepts and develop money skills that will equip them to make wise choices as they get older. Financial literacy is just as important as numeracy, literacy, knowledge of the world, road safety and topics such as the danger of speaking to strangers.
They need to get into the habit of:
- knowing how much money they actually have (i.e., from pocket money, paper rounds, Saturday jobs, student loans etc)
- tracking WHAT they spend their money on
- learning to spend wisely
- saving a portion of their money and
- contributing to their community by donating to a charity etc....
So start talking to your kids and pupils about money today. Our aim is to make the process easier by providing a range of helpful and effective teaching resources - money lesson plans, workbooks, activities, money story books etc.
Until next time....