Financial Education-a home school partnership
We have been teaching the children a lot about financial education and have become a MoneySense Accredited School as part of our commitment to teaching children as early as possible to be responsible with money.
The MoneySense website, mymoneysense.com, has a Parents section where you can download activities to do at home. Your children can also explore a Virtual Bank to get used to the services in a real bank branch.
What financial education at school means for your child
Financial education has been on the Secondary National Curriculum in England since 2014, but we believe that financial education is very important for younger children in primary school. This early formative stage in a child’s development is crucial in developing attitudes and behaviours in relation to money that may remain for the rest of their lives.
Currently money is taught as part of the mathematics curriculum at Key Stage One.
Year 1 Measurement
Pupils should be taught to:
- recognise and know the value of different denominations of coins and notes
Year 2 Measurement
Pupils should be taught to:
- recognise and use symbols for pounds (£) and pence (p); combine amounts to make a particular value
- find different combinations of coins that equal the same amounts of money
- solve simple problems in a practical context involving addition and subtraction of money of the same unit, including giving change
At Sudley Infant School we think it’s a good idea for parents, grandparents and carers to be as involved as possible in teaching children in their life the invaluable life skills of how to handle money.
At this early stage your child’s mind is a blank slate when it comes to money, and for all they know, money could actually grow on trees! So as adults we should be doing our best to make sure they know the following things:
What is money and why do you need it?
At this young age, we aim to teach children the basics about money, but also to encourage them to apply this knowledge to their own life where possible.
Children start school with a range of skills and understanding of money, for example, when a child is in EYFS, we might need to ‘plant the seed’ about what money is and make sure they know that money is needed to buy things. Other children of the same age may have a more in depth understanding of money based on their own home experiences.
As a child gets more experience and starts to move through the school years they will learn more at school about simple denominations of money and how it works, which is an ideal time to start getting them to apply money to their own lives. One idea could be that you give your children pocket money to buy toys with, or you could tell them that if they want a new toy, they’ll have to sell a couple of their old toys at a car boot sale or on eBay to fund it.
How to earn and spend money
As children become more confident about money they can be taught a few more tips and tricks about how you spend money (or how not to spend money!), as well as how adults get money in the first place. A good place to start is by setting a few basic chores that they have to do to earn their pocket money. This can be as simple as putting all their toys away, but you could also go as far as setting up a ‘wall chart’ of jobs for them to do.
You might also want to teach them that there’s always a better deal if you shop around. To do this, you could help them look for a certain toy at both a high street store and some online websites.
There are a variety of smartphone and tablet apps that allow you to help your child track how much money they have earned, what they have spent and how much they have left in their savings. All you have to do is help the child to add their pocket money, and take away what they’ve spent, so they’re left with two totals (what’s in their virtual wallet, and what’s left in their savings).These can be used very well to help children learn about money and apply it to their lives.
Importance of saving
Using apps is an opportunity to teach some positive financial habits, such as the importance of saving for a ‘rainy day’, for their future; or just for that thing they’ve always wanted. However, having a real savings account with a bank is an ideal way to promote a positive approach to managing money.
Protecting yourself against fraud
It is an ideal way to start teaching children the basics about internet security when buying things online, the importance of being safe with bank details, as well as the dangers of using a credit card.