TISA supports new charity founded to target primary school financial education as new research shows almost a quarter worry about money
TISA is delighted to support the launch of the Centre for Financial Capability and its mission to ensure every child in the UK develops the skills and behaviours necessary to navigate critical financial decisions in their life – starting from primary school.
This charity was formed by the backers of KickStart Money, an award-winning coalition of financial services firms founded in response to ground-breaking research by the Money and Pensions Service that showed money habits are formed by age 7. Now, having proven the impact of early intervention financial education, the members of Kickstart Money are putting their commitment on a longer-term more sustainable footing to combat the key challenges preventing effective financial education for all.
New data reveals that almost a quarter (23%) of primary school children worry about money and 85% of children and young people believe that if you look after money, it makes you feel better. The UK Government has welcomed the launch of the charity, which has been accompanied by a video from John Glen MP, Economic Secretary to the Treasury and City Minister.
The new charity has a mission for every primary aged child to receive an effective and high-quality financial education, which has been reinforced by calls by the 150 members of the All-Party Parliamentary Group on Financial Education for Young People today for primary financial education for every child by 2030. In a powerful new report, the APPG says the lack of primary provision is an “abject failing by successive governments”, which has condemned “large numbers of children and young people to lives mired in financial difficulties”. Read more here
KickStart Money is a 3 year initiative to provide financial education to 20,000 primary school children. We are targeting this group as this is the age at which children are forming lifelong attitudes about a range of matters, including money. The programme also engages with the parents of the children to help re-enforce at home the lessons learnt in the classroom.
Carol Knight, Chief Operations Officer, leads on this work at TISA
20 financial services firms are sponsoring the programme, plus TISA and The Giving Department who provide management support. The project also had the benefit of a grant from the Money Advice Service “What Works” initiative which was used to fund evaluation of the programme during its first year of operation.
The programme is delivered by MyBnk, an organisation that specialises in financial education and support for young people and who bring extensive experience of working with schools throughout the UK.
The programme is now in its third year of delivery and aims to have reached just under 7,000 children across 22 schools. The programme also benefited from a review after the first year to ensure that it was having the optimal impact on children and new electronic learning aids developed and launched in 2019.
The Giving Department
We are delighted to announce that KickStart Money, supported by TISA & MyBnk, won the Good Money Award at The Better Society 2020 Awards. The award gives recognition to “the fantastic collaboration taking place across the sectors to address a clear problem”.
These awards are designed to recognise companies who are helping create a better, more equal, ethical and sustainable world for all.
See the Centre for Financial Capability website here
For reference, please see the manifesto here
View a press release highlighting the KickStart Money year 2 evaluation here
Read KickStart Money’s letter to the Prime Minister here