What is financial literacy? Is it really important for primary school aged children?

Financial education is a different skill to working with money and currency in Maths, and involves the practise of soft skills such as budgeting, money management, comparing interest rates and taxes. Research shows a significant gap in financial education for young people. Cambridge University have found that most money habits are formed by age 7, and once established, they’re hard to change. It has also been reported that 28% of children aged 5-16 borrow money to buy things, and 30% prefer spending over saving.

This powerpoint whole-class read-along activity gives a scenario of a summer job and a coveted bike on sale to engage the children with spending decisions through the course of a month. Can they save for the bike whilst also ensuring they don’t miss out on a cinema trip with their friends and getting a birthday present for Mum?

This is designed to open up conversations about money and budgeting, and about how getting a balance between spending and saving is best in the long term. Additionally, the children can practise some arithmetic skills as they go along, adding/taking away their pay checks and expenses as they go for a fun, interactive, real-world simulation.

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