The Money Advice Service and The Education Endowment Foundation (EEF) and have today launched a new £700,000 fund to explore ways to give school pupils the tools and information they need to manage their money.
Financial education is now part of the curriculum for secondary schools across the UK, but there is still a limited understanding of which approaches are most effective in improving children’s ability to manage their money both now and in adulthood. Teachers and schools need access to information about what works, as well as the link between developing money management skills and educational attainment.
The building blocks of money management in childhood include broad skills such as numeracy, self-regulation and perseverance. This also underpins educational attainment. Developing positive financial habits from a young age as well as a good understanding of money and the financial system are crucial.
By trialling and independently evaluating different strategies, this funding round will help build the evidence base about what does and doesn’t work when it comes to improving money management skills and educational attainment through financial education.
Caroline Rookes, Chief Executive for the Money Advice Service comments:
“We are pleased to be working with the Education Endowment Foundation to deliver financial education programmes that could really make a difference to young people’s lives.”
“We know that children start to develop the financial habits and attitudes that they take into adulthood from the age of three so it is really important that the financial education delivered in schools is effective in providing young people with the knowledge, skills and experiences they need to make their financial goals a reality later in life.
“This project marks a new way of doing things for the Money Advice Service, investing in the direct delivery of projects. It is also an important development in our ambition to understand which interventions work and to generate examples of best practice.”
The Money Advice Service and the EEF are inviting applications from a range of organisations delivering (or planning to deliver) school-based interventions for pupils aged between 3 and 16. The closing date for applications is Thursday 1st October.
Sir Kevan Collins, Chief Executive of the Education Endowment Foundation, said today:
“Most of us would agree that developing a good level of financial literacy is important to success later in life. But we know very little about the best ways to instil these skills in school pupils. I’m delighted that, together with the Money Advice Service, the EEF is able to make a significant financial commitment to gather much needed evidence about what works in this area.”
For further details about the funding round and how to apply, visit educationendowmentfoundation.org.uk/apply-for-funding/.
For further information, please contact Hilary Cornwell at the Education Endowment Foundation (020 7802 1676) or Joanna Smith at the Money Advice Service (020 7943 0593)
NOTES TO EDITORS:
1. The Money Advice Service is an independent organisation. Set up by government to help people make the most of their money, it gives free, unbiased money advice across the UK – online, over the phone and face to face. Paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority, its statutory objectives are to enhance the understanding & knowledge of members of the public about financial matters (including the UK financial system), and to enhance the ability of the public to manage their own financial affairs.
2. The Education Endowment Foundation was set up in 2011 by The Sutton Trust, as lead charity in partnership with Impetus Trust (now part of Impetus–The Private Equity Foundation), with a £125m founding grant from the Department for Education. It is an independent grant-making charity dedicated to breaking the link between family income and educational achievement, ensuring that children from all backgrounds can fulfil their potential and make the most of their talents. Since its launch the EEF has awarded £57 million to 101 projects working with over 620,000 pupils in over 5,200 schools across England.