TISA - Tax Incentivised Savings Association - KickStart

KickStart

Overview

TISA is proud to have initiated KickStart Money a ground-breaking financial education programme for children. At launch, 16 leading savings and investment firms are supporting the initiative, together helping to invest an initial 1million into the programme. Over the next 3 years the target is to provide around 18,000 primary school children between the ages of 7 and 11 with education on topics such as the value of money, where money comes from, personal relationships with money, prioritising spending, budgeting and saving. The aim is to influence attitudes towards managing money at an early age.

The original idea for the programme was first raised by TISAs Savings and Investments Policy project (TSIP). Increasing financial education was one of six key policy recommendations made by TSIP in its Saving our financial future report in 2015. Since then, the recommendation has been developed further, culminating in the launch of KickStart Money.

Research shows that intervention at primary school age can be critical to developing a healthy appreciation of money and understanding of the importance of saving. Attitudes to many aspects of their adult lives are formed at this early age and this is therefore a key pillar to help re-build a national savings culture and create long term financial resilience for future generations.

The broader ambitions of the programme are to create the basis for the inclusion of financial education within the statutory primary school curriculum. In March 2017, a House of Lords Select Committee on Financial Exclusion, chaired by Baroness Tyler, identified that early intervention is particularly important for financial education. In their report they also called for financial education to be included in the statutory primary school curriculum.

Its therefore important that an evidence based assessment is made of the effectiveness of the programme. KickStart Money has been awarded 80,000 by the Money Advice Service, as part its What works fund, to enable an independent evaluation to be conducted and output shared for the benefit of other initiatives.

The Issue


Significant proportions of the UK population lack the basic skills and knowledge to effectively manage their money. Left unaddressed this has long-term negative consequences for consumers. Some headline statistics illustrate the severity of the situation:

52% of teenagers will be in debt by the time they are 17
96% of British teens say they worry about money daily
39% of 16-17 year olds do not have a current account and 59% cannot read a pay slip
21 million people do not even have savings of 500
8 million people have debt problems

The Programme

TISA is managing the programme and the 16 partner organisations at launch are: Aberdeen Asset Management, Alliance Trust Savings, Allianz Global Investors, Aviva, Axa Investment Management, BlackRock, BMO Global Asset Management, Columbia Threadneedle Investments, Henderson Global Investors, Legg Mason Global Asset Management, LGIM, Old Mutual Wealth, Prudential UK & Europe, Redington, Schroders and Standard Life.

The programme is being presented to schools without any corporate sponsor branding. It will be delivered by MyBnk a leading independent, financial education charity who use fulltime trainers to deliver brand-free programmes to young people. In their ten years of experience, MyBnk have helped 160,000 young people learn to manage their money in 760 schools and youth organisations.

Further Information

To find out more please follow these links:
Website: www.kickstartmoney.co.uk
Twitter: @KickStart_Money
KickStart Money launch Press release
TISA press release
Leaflet
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