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East Yorkshire schoolchildren with ‘little or no’ money management skills offered online training

Hull Live logo Hull Live 25/05/2022 Deborah Hall
A teacher using Yorkshire Building Society's Money Minds online resources © Yorkshire Building Society A teacher using Yorkshire Building Society's Money Minds online resources

With nearly nine out of ten (88 per cent) of 11 to 18-year-olds in the Yorkshire and Humber region having limited knowledge about managing money, and 12 per cent of them admitting they know nothing at all about the subject, Yorkshire Building Society (YBS) is hoping to redress the balance with a new online training tool.

YBS research discovered that fewer than a third of the secondary school-age students surveyed have learnt about finances in the classroom, despite it being part of the curriculum across the UK. The Society has launched its new Money Minds online financial education platform, which aims to reach 55,000 children and young people aged from 11 to 18 this year.

In a bid to help more pupils learn more about finance earlier in their lives, YBS is calling on the Government in England to include financial education on the national curriculum for primary school children to mirror what is already done in Northern Ireland, Scotland and Wales. Kim Eldridge, branch manager at YBS in Beverley, said: “We know learning how to effectively manage finances is a vital life skill.

Read more: 81 per cent of children worry about their family not having enough money

"Our research has shown that too many children in Yorkshire and the Humber have limited knowledge around money management and financial issues. We really want to engage teachers, children and young people in Hull and Beverley to improve financial education. We have developed Money Minds online as part of our purpose of helping real life happen.

“We’re committed to helping build the financial wellbeing of our communities and believe that starts with laying great foundations for our young people to understand money, finances and careers. Ultimately, we want to improve financial capability across Yorkshire and the Humber.”

The Money Minds online platform is free to use and has been developed with education design specialists, teachers and students. It has a diverse range of materials, from games, videos and animations to engage students from Key Stage 3 to 5, as well as lesson plans and teaching materials available for teachers to download and also materials for parents and carers on a variety of topics so they can help students learn at home.

In addition to financial education, the site also has lessons on career development skills such as CV writing and interview techniques to help prepare older children and young people for employment. It forms part of the Society’s commitment to put £1.8m investment over two years (2021/22) into supporting skills, employment, financial education and wellbeing.

As well as Money Minds online, Money Minds lessons for primary school children aged five to 11 can be delivered in schools by YBS colleagues as part of their corporate volunteering scheme, which allocates each employee 31 hours’ paid leave every year to carry out volunteering in local communities. Topics range from keeping money safe for ages five to seven, planning a party to learn budgeting skills for children aged eight to 11, up to calculating interest and responsibilities to repay loans for older children.

Since the Society launched Money Minds in 2015 more than 35,000 children in the UK have benefitted from a lesson. More information about Money Minds can be found at ybsmoneyminds.co.uk

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