When Is the Right Time to Learn About Money?

Research from Prudential shows that 80% of primary school teachers would encourage the inclusion of financial education within the school curriculum and 69% encouraged more support for parents with regard to teaching children about money.  

The report was part of Prudential's Cha-Ching initiative which offers online resources that enable teachers to communicate the principles of personal finance to students. Roughly 650 primary schools are currently part of the program.

Greater dependence on cards and contactless payments has resulted in a fall in the basic arithmetic skills amongst students according to teachers, with 67% of those surveyed raising this particular issue. In addition, 81% of those surveyed believe that children aged between seven and eleven have less of a grasp of money matters than would be advisable.

The amount of pupils at primary schools that learn about money every week is currently only 21%. The vast majority of students only learn about money occasionally. This could be remedied as 75% of teachers say they are ready to teach students about money if the schedule allowed this.

Jane Rawnsley of Prudential's Cha-Ching initiative says:

"Financial education in primary schools is just not adding up. We know that financial habits are learnt early and teachers agree. That’s why they’re calling for financial education to be part of the curriculum in primary schools.

Getting children comfortable with the concept of money, its value and the cost of day-to-day items has never been more important. But digital technology making it easier to pay for things is making money appear more intangible than ever before. The basics of earning, spending and saving should to be instilled in children from as early an age as possible, and teachers recognise this."

Contact Westminster Wealth Management today and one of our skilled advisers can construct a financial plan for you that will enable you to meet your financial goals.