David Butler summarises recent developments and seeks feedback from members
on the status of financial education in their school or college.
Financial education for young people has probably never been as important as it is now. There is a wealth of free resources to support the teaching of financial education, many of which are available through Young Money (formerly Pfeg), part of the Young Enterprise organisation, which can be accessed through their website www.young-enterprise.org.uk. Young Money produces its own resources, such as a teacher training pack, lesson plans and student resources. It also coordinates My Money Week (which is scheduled for 14-18 June in 2021) and has organised the Martin Lewis funded financial education textbook, which has gone into every secondary school free of charge. The website also provides a gateway to other organisations’ resources, which Young Money quality assures. These include, for example, HMRC’s Tax Facts, which has recently been updated, and The London Institute of Banking and Finance’s learning programmes.
Despite the wealth of good quality and free or low cost resources, many of which have been available over a long period of time, there is little evidence of them having a lasting impact. Research and inspection evidence continually show the provision of financial education to be patchy. Programmes often comprise a series of one-off financial education days that lack coherence and progression. The assessment of outcomes lacks rigour and rarely goes beyond the anecdotal. The Martin Lewis sponsored financial education textbook has now been in some schools for over two years but there does not appear to be any evaluation of its impact. It would be interesting to find out from members if they have seen it and, if so, what they think of it and how it is being used in their schools.
Advocacy Lead EBEA