Working in the financial services profession, we’ll all be acutely aware of the growing demand for quality advice as more financial responsibility shifts to the individual.
This shift, coupled with the FCA’s advice guidance review aiming to close the advice gap, highlights a pressing need that must be addressed. The component of this conversation that surfaces repeatedly is the necessity for quality financial education.
Recently, the Parliament’s Education Committee also emphasised the need for enhanced financial education in schools. Their findings included:
- Financial education in primary schools is insufficient and should be expanded.
- Effective financial education needs to begin early, in primary schools.
- High-quality financial education materials need to be made more readily available to teachers.
- An inadequate evaluation of financial education in schools undermines its importance.
These conclusions echo what many of us have long understood: the foundations of financial literacy must be laid early to prepare future generations for the financial responsibilities they will inevitably face.
RedSTART is committed to addressing this exact issue. The charity provides financial education through progressive learning to transform the life chances of some of the UK’s most disadvantaged children.
Why primary school?
Starting financial education early is crucial, as many financial habits are formed from an early age. By integrating financial education into primary school curricula, we can equip children with the knowledge and skills they need to manage their finances effectively from a young age.
Quality materials for effective teaching
One of the committee’s recommendations is the provision of high-quality financial education materials to teachers. Supply is not the issue; with so many resources available, it can be overwhelming for teachers particularly when many of the materials are unsuitable.
RedSTART has created innovative educational materials that engage children through gamification and has been designed for the classroom. It provides support to teachers in the delivery of the content including providing volunteers in collaboration with corporate partners to help run workshop sessions. To further embed financial literacy with children, the charity has also developed a bank app where children can earn virtual money through taking weekly quizzes which they can choose to save or spend on items in the RedSTART shop.
Evaluating the impact
Another point raised by the Education Committee is the need for proper evaluation of financial education in schools. Without robust assessment, it’s challenging to measure the effectiveness of financial educational and therefore make the case for including financial education on the primary school curriculum.
RedSTART is spearheading a world-first longitudinal study in collaboration with King’s College London. The ‘Change the Game’ programme has commissioned a randomised control trial which tracks thousands of children over seven years through primary school. The study aims to evidence the benefits of quality financial education in primary schools, with a focus on levelling up through improving financial literacy and numeracy skills.
Getting involved
There are a number of ways to get involved: sponsorship provides the financial support needed to develop and distribute educational materials and conduct research. Volunteering at a RedSTART workshop is an opportunity for industry professionals to share their expertise directly with students and great way to give back to the community.
Hosting events is also an impactful way to support the mission with children gaining a great experience from learning in a different environment.
RedSTART currently works in regions across the UK, including: London, Sussex, Suffolk, Bristol, Cardiff, Newcastle, Edinburgh and Fife. If you’ve like to get involved, please get in touch or reach out to RedSTART directly through their website or by email: redstart@redstarteducate.org.