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PSHE – What do teachers think?

Earlier this year MyBnk expressed concerns over potential changes to how Personal, Social, Health and Economic Education (PSHE) is taught in English schools.

But what do teachers think? Here is a selection of testimonials from those who have run MyBnk’s financial education programmes within their school’s PSHE offering since 2007.

“Learning to take care of your finances is a life skill. One that can potentially have an impact on your quality of life and your mental well-being. Worrying about money can be extremely stressful so if our students have learnt to manage their money early on, it becomes a habit for them, just like we teach about healthy eating.

“It fits in perfectly to PSHE but can also be accessed through maths. The idea of delayed gratification can help pupils with their learning behaviour – work hard now and get out to play early – so this could be beneficial across any subject.

MyBnk’s resources and trainers have made it so easy for us to cover economic well-being – something that has been an aim for me as PSHE coordinator (and it has been raised at pupil voice meetings that they would like more input on this).The range of activities have made it enjoyable and fun for all the children.” Lynette Cook, PSHE Coordinator, Key Stage 2, Foulds School.

“Financial education through PSHE gives pupils the skills that they need to be able to make decisions for themselves, this includes: resilience, self-esteem, risk-management, team working and critical thinking.

“Many of our pupils have told us how they were able to use this as their basic/starting knowledge in Economics and/or Business Studies. Many of our pupils felt that they would not have learnt about this in any other way”. Naznin Bawla, Head of Personal Development Curriculum, Key Stage 3 / 4, Barking Abbey School.

“Financial education within PSHE is absolutely an important subject. It provides young people with essential life skills which they may not access outside of school. This can ensure that they are comfortable and secure in their futures. It can help prevent our students from falling into debt, but also being aware of different types of bank accounts which would be key information for their own security later on.

It should be taught in PSHCE because it is providing young people with the skills to develop socially and securely. It also helps contribute in other subjects, such as Maths, Economics, or Business. However, it is also very important for any discussion about finance of the economy which could also include Humanities subjects.

MyBnk helps to pick up on any gaps in knowledge that there may be. Our students are in mixed ability groups and MyBnk can help pick up on any differences in awareness or subject knowledge on this topic.

They make this topic extremely engaging and fun which in turn makes it easier for the students to learn. MyBnk also has a wide scope of knowledge on the subject which makes it more suitable for them to develop it over a range of subjects and teachers.” Mary Lauren Gill, PSHCE Co-ordinator, Key Stage 3, Mossbourne Community Academy.

“Financial education is very important for our students. It helps them to understand exactly what financial responsibilities they will face when they are older so they can make the best choices about their future. It also gives them a good understanding of some of the challenges the people that look after them are under and helps them appreciate how important it is to plan for their future.

Delivering the subject through PSHE gives students the opportunity to discuss the issues in a supportive and informative environment. It means students can be clear about the facts and begin to make links with the other subjects they learn. Some of the things they learn can help them think in real terms about mathematical problems.

MyBnk’s bespoke learning opportunities allows individual students to reflect on their specific financial needs and how they may manage their money in the future. Their programme is effectively differentiated and is made relevant through the use of resources useful to our students and their future.” Dominique Quinn, Assistant Principal with responsibility for PSHE, Key Stage 3, Haberdashers’ Aske’s Knights Academy.

In addition to these testimonials we conducted a poll of UK parents, with MUFG bank, revealed most do not believe schools do enough to equip pupils with personal finance skills.

For more information, please visit our Policy page or contact info@mybnk.org.

 

 

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Global Money Week 2018!

MyBnk has joined a worldwide alliance of 137 countries and eight million young people to raise awareness of financial education for young people – it’s Global Money Week 2018!

The theme for this year: “Money Matters Matter.”

From 12th-18th March, in association with Children and Youth Finance International, our experts will be reaching 1,400 7-25 year old in money master classes and enterprise challenges in 14 schools and youth organisations across the UK.

This year our workshops will be supported by the Money Advice Service, Investec, MUFG Bank and Kickstart Money.

Join us on Twitter for all the latest news from the UK’s frontline of financial and enterprise education for young people!

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Financial education charities urge caution in PSHE consultation

MyBnk, together with several providers of financial education for young people, have expressed concerns over potential changes to how Personal, Social, Health and Economic Education (PSHE) is taught in English schools.

In a letter to the Minister of State for Schools Nick Gibb, members of the Youth Financial Capability Group (YFCG) outlined several risks and opportunities if the subjects status were to be altered.

The YFCG is concerned that an option being considered is to narrow the scope of PSHE, potentially excluding financial education at the expense of other ‘life skills’ topics.

Conversely, there is also an opportunity to accelerate the provision of effective financial education for all young people by choosing to legislate statutory PSHE for all primary and secondary schools.

Read the full letter, here.

In addition, research conducted on behalf of MyBnk and global bank MUFG found that parents in the UK do not believe schools do enough to equip pupils with personal finance skills.

About the YFCG

Collectively, the YFCG designs and delivers workshops; create and quality mark resources; train teachers and youth workers; set study plans and examinations; research, seek and evidence impact; and collaborate to achieve the best possible outcomes for young people.

Contact info@mybnk.org to find out more.

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“This will help me help realise my dreams” – New financial education case study

See how our financial education experts helped 16-year-old amateur boxer Andy tackle his attitudes towards spending and saving through our Money Works programme.

Young people in the UK are struggling to save money. A lack of savings can mean a lack of choice, a tight budget could result in less risk taking and short-term thinking may lead to uninformed decisions and poor planning.

Money Works is our intervention style survival money management programme that arms young people with  the financial skills to live independently. Participants translate what they learn into actions – steps they can take to gain control of their money, and their lives.

Read Andy’s story in our new case study.

For more information or to book Money Works click here or email info@mybnk.org.

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“The more tools schools have, the better” – A parent’s take on financial education

 

Naomi, mother of Emily, 10, has shared her reflections on her daughter’s final MyBnk workshop at Wingfield Primary School, London.

Most UK parents want more financial education in schools. Our exclusive parents life skills poll with MUFG bank revealed:

  • More than half want more money lessons in schools.
  • More than half would cut time spent on the mainstream subjects to facilitate it.
  • 90% think it should stay in the national curriculum.
  • 94% said it was important to their children’s wellbeing. (72% strongly).
  • More than half prefer sex education to be taught at home.

Emily took part in Money Twist Key Stage 2, our charity’s flagship financial education programme for primary schools.

It is supported by 20 of the UK’s leading savings and investment firms via KickStart Money, a ground-breaking project teaching 18,000 children all about money to help build a national savings culture.

Sessions are free for schools in England and Scotland. Teachers can book via info@mybnk.org.

This programme is part of the Money Advice Service’s What Works Fund which is examining the effectiveness of UK financial education interventions.

For more information on KickStart Money, visit kickstartmoney.co.uk or email info@kickstartmoney.co.uk.

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PSHE Study – Most UK parents want more personal finance & less sex education

Research conducted on behalf of MyBnk and global bank MUFG has found that parents in the UK do not believe that schools do enough to equip pupils with personal finance skills.

54% of parents polled agreed that schools should spend more time teaching personal finance, and 56% would cut time from the national curriculum to ensure their child received more money lessons in things such as budgeting and how to avoid unnecessary debt.

Just over a quarter (26%) of parents polled think that schools should spend more time teaching advice about family and relationships, with almost two thirds (56%) believing that sex education should be taught mainly at home.

The YouGov poll of 1,073 parents of children under 18 also found sharp generational and regional divides in attitudes towards life skills topics.

Consultation fears

The findings come as the Department for Education consults on the teaching of Personal, Social, Health and Economic Education (PSHE) in English schools.

It is widely expected the subject will be put on a statutory footing, mainly as a result of the new Children and Social Work Act placing a duty on the Secretary of State for Education to make relationships and sex education mandatory.

MyBnk and other charities fear that unless financial education remains a PSHE topic, many young people will not be able to learn how to manage their money or make informed financial decisions.

The Financial Conduct Authority has warned of a “pronounced” build-up of debt among young people and that the young are borrowing for basic living costs.

The average unsecured debt for those aged 25-34 is £11,485 – five times that of those aged over 55, according to accountancy firm PwC. The Money Advice Service say just 7% of pupils talked to their teachers about money last year and that money habits are being formed around the age of seven.

Wellbeing

The survey found 90% of parents agreed that money skills should remain in the national curriculum.

‘Personal Finance’ and ‘Careers and the Workplace’ were two of the top three PSHE topics parents think schools should dedicate more time to teaching.

94% of parents said that being able to avoid unmanageable debt in the future is important to their child’s wellbeing, with 72% stating this was very important.

Guy Rigden, CEO, MyBnk, said:

“These findings illustrate how squeezed school timetables are and what parents feel about how we’re using that precious time. We need to ensure we maximise impact by supporting teachers to deliver what works.

All these topics are important and may reflect parents growing confidence to tackle certain issues. PSHE is a curriculum for life, helping children and young people to protect themselves online and offline, improving their physical and emotional health, and developing character, resilience, academic attainment and employment prospects, with the greatest benefits experienced by the most disadvantaged pupils. It should be taught regularly, as a whole subject. We believe the Secretary of State has a unique opportunity to accelerate the provision of effective financial education for all young people”.

Naznin Bawla, Head of Personal Development Curriculum, Barking Abbey School, said:

“Financial education through PSHE gives pupils the skills that they need to be able to make decisions for themselves, this includes: resilience, self-esteem, risk-management, team working and critical thinking.

“Many of our pupils have told us how they were able to use this as their basic/starting knowledge in Economics and/or Business Studies. Many of our pupils felt that they would not have learnt about this in any other way”.

Phil Roberts, Head of Investment Banking for MUFG in EMEA, and chair of MUFG’s CSR Committee added:

“As a global financial institution, we take our responsibility to support young people in developing their financial skills very seriously.

“We partner with organisations such as MyBnk to equip young people with the financial skills and knowledge required to gain and sustain employment, and to provide them with the ability to manage their own money effectively, benefiting both their future, and the wider community.”

About MUFG and MyBnk’s partnership:

Launched in 2016, MUFG’s two-year partnership with MyBnk supports around 1,200 students with real-life money skills. Targeting specifically 11-18 year olds in London, MUFG’s investment in this partnership supports young people to learn how to budget, bank and borrow, avoid debt, understand taxes, tuition fees and employment rights, and prepare them for the cost of university and independent living.

Since the partnership began, the overall impact of the programmes delivered has seen a 40% increase in understanding of credit, interest rates and inflation, an 18% rise in positive attitudes towards money, and a 25% jump in skills from the young people who have participated in their training sessions.

Contact Declan Wilkes, Head of Communications, MyBnk – 020 3581 9920 – declan@mybnk.org for more information or to visit a MyBnk school workshop.

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MyBnk joins Impact Champions Network

 

MyBnk has been recognised for its leading role in impact measurement by being accepted into the ‘Impact Champions Network’ by the New Philanthropy Capital.

We take the impact of our financial education and enterprise programmes very seriously and since our inception have invested in systems that ensure we are making a difference to the lives of young people.

Impact Champions work directly with voluntary organisations and support them to develop their impact practice, comprising a range of organisations from funders, commissioners, membership bodies and infrastructure organisations.

As an Impact Champion, MyBnk has committed to help increase the capacity for impact measurement across the sector by engaging with and increasing the use of impact practice resources, spreading awareness of the importance of impact measurement to our wider networks and establishing a best-practice code of conduct.

Our flagship money skills programme, Money Twist, along with intervention workshops, are currently taking part in the Money Advice Service’s ‘What Works’ research project and have won numerous awards.

See more of the impact of our work on our dedicated Impact page and transformative stories in Case Studies.

financial education impact

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A bank account for every young Londoner

The London Assembly Economy Committee have recommended creating a young person’s banking charter, with the aim of ensuring all 16-18 year olds have a bank account.

‘Short changed: the financial health of Londoners’, makes a number of recommendations for the Mayor to improve financial inclusion and capability, including:

  • Work with schools, charities and the financial services industry to deliver high quality financial education for young people.
  • Hold an awareness week and conduct a survey to understand Londoners finances.

These constructive recommendations are accompanied by worrying findings that lay bare the pressing need for young people to be financially literate as well as have access to services.

  • Around a quarter (27 per cent) of 18 to 30 year olds in London say they are in debt all the time.
  • A third of all users of high-cost loans are 18-34 year olds.

Banking

Anything that gets young people engaging with the tools to manage their money is a good thing. However, just having a bank account will not protect young Londoners from falling into debt or becoming victims of fraud – they need to know how to use it and make informed decisions.

According to the Financial Conduct Authority, just 5% of 18-24 year olds are unbanked, yet we still have these damaging stats.

MyBnk believes the Mayor of London has to adopt an education first mentality across monetary and digital skills to ensure young Londoners can tackle the serious housing and debt challenges they face. The City gets it: The Tax Incentivised Savings Association has brought together 20 leading investment firms to support our expert-led primary school lessons in ‘Kickstart Money’.

Guy Rigden, CEO, MyBnk said:

“We need to look holistically at solutions that work, are impartial and properly funded. Let’s prepare young people to prosper in the real world and London’s leading role in it.” 

Caroline Russell AM, Chair of the Economy Committee, said:

“It is absolutely crucial that young people are given the right support in terms of their finances, when they leave school. For many, it is the first time they will be responsible for their own money.

Education and support are key, as actions at this critical stage can have real consequences, in terms of credit ratings and long-term financial health. We strongly urge the Mayor to target his efforts in helping this group specifically.”

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Busting financial jargon for young people w/ sensory impairments

We have helped create the UK’s first ever visual British Sign Language (BSL) money dictionary!

The glossary is a small taste of the new Money Mechanics programme for young people with sensory impairments.

This groundbreaking financial capability programme has been developed in partnership with The Royal Association for Deaf people (RAD) and the Royal Society of Blind Children (RSBC).

Containing specific financial related terms, with definitions, it helps 14-25 year olds or parents who want to teach their children about personal finance, cut through the language barriers associated with money management.

Sue Mountford, Director of Services at the Royal Association for Deaf people explains:

“Not all money related terms are in British Sign Language (BSL), or have attached definitions. In BSL there isn’t a specific sign for each word in the English dictionary. Sometimes we have to borrow signs from other regions/countries. Whilst many of these words are used every day in the finance sector – in most cases we have to visually define the words.

This is a perfect example to how we are breaking down the barriers to young people managing their money.”

The Money Mechanics project will see over a thousand young people learn how to budget, bank and borrow safely, in their first languages. Young participants will also get to understand the costs of university and how to run their own enterprise. It is envisaged that other youth organisations could be trained to deliver the programmes.

The initiative is funded by players of People’s Postcode Lottery.

Featured terms:

1. University – University is a place of higher education.

2. Loan agreement – A loan agreement is made between you and a company where you borrow money.

3. Student loan – A student loan is money you borrow from the government.

4. A bursary – A bursary is a type of loan that you don’t have to pay back.

5. Gross pay – Gross pay is all of your wages, before you’re taxed.

6. Net pay – Net pay is your wages you receive after tax, which you keep in your pockets.

7. Interest (bad) – Interest is money that you may have borrowed from the bank, and there’s a % you need to pay back.

8. Interest. (Good) – Interest is money that you may have put away in your savings account and you get a little bit on top.

9. Credit card – A credit card is money that you borrow for an instant payment.

10. Debit card – A debit card is card that you pay for things with.

11. Tax free threshold – Tax free threshold means that if you earn above £11,500 then it means unfortunately you need to pay tax. However if your under that amount you don’t have to pay tax.

12. A mortgage – A mortgage is a type of loan to buy a property.

 

Guy Rigden, CEO of MyBnk said:

“Money Mechanics is already proving how we will have a lifetime impact on the everyday interactions of vulnerable young people, be it budgeting, understanding bills, prioritising debts or earning money, as well as on their aspirations for the future, for example considering university, starting their own business, or moving into their own home. It’s about making finance accessible for all”.

RSBC chief executive, Dr Tom Pey said:

“Our shared experience has proved time and again that Deaf and blind young people are not being supported at school to grasp the fundamentals of handling money. This gap in their knowledge creates barriers to their economic and social independence. Money Mechanics will make sure young people with sensory impairment has the knowledge and skills they needed to deal with their finances effectively and independently.”

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“It was so awesome!” – Big profits for young Hackney traders in enterprise challenge

 

Young market traders have doubled their dough after creating big profits in a MyBnk Business Battle enterprise challenge.

In just four days, a dozen 11-14 year olds went from drawing board to Ridley Road Market, London, using interest free micro loans. The group made £100 profit off a £100 loan by making and selling their own baked goods and henna tattoos – that is 100% profit!

“It was so awesome. The best thing I learned today was the importance of team work. I loved the experience, it showed me a different side to business. All of this will add up. My dream goal is to have a drone business. My confidence has improved massively. This will help when I go to new schools I will quickly make friends and make important links. I know how now!” Young trader, Basheer Abdul Azeez, 11.

Our experts taught them how to design, cost, sell and market products, write business plans, give sales pitches, and budget as part of an IntoUniversity project.

The Business Battle project, supported by MUFG Bank, is helping hundreds of young people in East London learn key employability skills like negotiating and customer interaction in London’s poorest boroughs.

MyBnk has scores of funded money and business workshops available to local schools and youth organisations.

“It’s been fantastic to witness the transformation of these young people in just five days. This type of education is vital to a young person’s development, either in enterprise or employment.” Guy Rigden, CEO, MyBnk.

For more information or to attend a future session, please contact declan@mybnk.org or 020 3581 9920

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