Money Skills for Kids while School is Out
Studies have shown that children form their attitudes and habits around money when they are as young as seven. So, why not use the coronavirus lockdown as the opportunity to teach the younger generation these valuable skills?
Helen Driver, from Woodbridge, had a 20-year career in finance – working as a city fund manager and investor in the stock market as well as volunteering with school financial education workshops for children and delivering a workshop for the BBC Breakfast business team.
It was a statistic from the London Institute of Banking and Finance (LIBF) about financial education that planted the seed for Helen to create the Moneyready platform.
Money management became part of the national curriculum in 2014, however recent research from the LIBF revealed that the mandate to teach money management has been largely ignored – 82% of students claimed they do not learn enough about money in school.
In March she launched Moneyready, which uses a series of interactive games, lessons and quizzes to teach children about a range of finance-related subjects, as part of a fun, accessible programme.
“There is a growing epidemic of debt and parents are desperate for help to arm their children with the financial acumen they need to deal with the responsibilities that come with adult life,” she explained. “They need to understand more about things such as savings, loans, mortgages, interest rates, pension schemes and credit cards.
“The Moneyready platform is designed to be used at both home and school so with UK families housebound due to Covid-19, why not start that education at home?”
Moneyready is pitched at three levels – seven to 11, 11 to 14 and 14 to 18-year-olds, with each level becoming progressively more complex. It is cloud-based and accessible via a tablet, laptop or desktop computer.
Helen, a mother-of-two, added: “Teaching this via technology is key. We all know that children respond well to learning through a screen; whether it’s an app, platform or website offering lessons on phonics, numeracy or literacy.”
It covers all the areas of financial education a young person needs to prepare themselves for going out into the world as an adult.
Helen said: “Managing money is a fundamental life skill regardless of whether you are the brightest child or struggle academically or whether you have little or lots of money. Moneyready is all-inclusive.”
Programmes are designed to allow children to self-guide themselves through the content, minimising time required for lesson planning and marking and the need for specialist knowledge.
The parent or teacher can then oversee which elements the child has completed and how well they have grasped the subject from the results of a quiz.
Moneyready has been created using a talented pool of Suffolk-based developers and designers. It can be accessed via a single subscription – with a parent setting up an account – or through a school subscription. Moneyready is currently freely available to schools during the lockdown period. Simply email firstname.lastname@example.org to be set-up today.
For more information about the platform, visit www.moneyready.org
Helen Driver is pictured with her Moneyready platform.