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Teach children money matters, says My Money Week

They say that money makes the world go round. Do your children know about money, and how to manage it properly? Their school may be involved in My Money Week, which kicks off today.

My Money Week is a national activity week which provides schools with resources and ideas to help teach children about money matters. 

It is run by pfeg, which is part of Young Enterprise, a financial education charity.  

Here, Michael Mercieca, the Chief Executive of Young Enterprise, tells us more, including why financial education matters at every age.

Why should money matter in schools?

2015 sees the annual My Money Week take place for the seventh year running and, coincidentally, the Money Advice Service found in 2013 that that financial habits in adulthood are established by the age of just seven years old.

In a survey of 770 teachers conducted by pfeg in 2014 the lack of financial education at primary school level was again identified as a particular concern, with 70% of teachers reporting that pupils are encountering “money and financial decisions” earlier than they used to. 

More than four in five teachers (83%) believe that financial education must begin in primary school, not secondary school, to be most effective.

How can schools get involved?

My Money Week offers the opportunity for teachers to engage children and young people with the concept of learning how to manage their money well.

Free My Money Week Planners are on offer this year containing a whole host of ideas that could be used throughout an entire week of money management activities, once again providing a fantastic opportunity for young people to gain the skills, knowledge and confidence in money matters that will help them to thrive in today’s society.

Moving into a digital age

Not only are adult financial habits established by the age of seven, but a survey conducted by BBA, pfeg and YouGov in 2013 found that 63% of children get their first mobile phone before they start secondary school, and 68% of 8-15 year olds have access to a tablet/iPad.

Of these users 55% have downloaded a paid-for app on their own or with help on their tablet or smartphone.

Taking those stats with the recent news from the Payments Council that cashless payments have overtaken the use of notes and coins for the first time, this could mean that children are seeing physical coins and notes less and less.

It’s even more important to offer teachers engaging and creative ways to teach the concept of money and how it can be used in an increasing number of ways. We are also introducing the concept of digital finance through this year’s National Competition for Schools, supported by Visa Europe.

Parents and teacher can find out more about My Money Week, including their national competition, on the pfeg website.

This guest post is from Michael Mercieca and doesn’t necessarily reflect the views of the Money Advice Service. You can find out more about the My Money Week, Young Enterprise and what they do on their website.

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