Stephen has attended a session of the successful money skills programme aimed at primary school children, KickStart Money, in the Houses of Parliament. The workshops are normally held in schools across the country, however this special session took place in Parliament to mark the launch of a report into the effectiveness of the programme.
The independent evaluation found the initiative to be highly effective, with 70% of pupils consulted three months after delivery working towards a saving goal. The young people surveyed strongly agreed that “...how they think about and treat money now will make a difference to their future”. Teachers also reported that “...87% of their pupils now understand that their financial decisions have consequences”.
The KickStart money programme is delivered by the charity MyBnk and is funded by a grouping of 20 leading financial services firms brought together by the Tax Incentivised Savings Association. The initiative is part of a mission to demonstrate to the Government the advantages of including financial education on the primary school curriculum. KickStart aims to help set up young people to be responsible savers in the future. It hopes to reach 18,000 children over 3 years thanks to a cross-industry collaborative £1 million investment.
Research by the Money Advice Service has found that early intervention is key and that behavioural attitudes to money are formed by the age of seven. Only one third of parents talk to their children about money, and there is a significant lack of financial education provision in schools for children in the UK, particularly at the primary level.
Today, Stephen watched a class of 9 – 11 year olds as they tackled everything from understanding the value of money, to the importance of delayed gratification and saving. The workshop will be coming to Stephen’s constituency next week.