Children Need Financial Skills In An Increasingly Cashless Society
Children Need Financial Skills In An Increasingly Cashless Society
This is a guest post from Dr Arinola Araba, Director of bMoneywize® Play It Save®
Financial education is yet to be added to the UK primary school curriculum!
Influencers like Money Saving Expert’s financial guru, Martin S Lewis and many others campaigned for its inclusion in the secondary school curriculum: http://bit.ly/1Uc4xfI. This happened in September 2014 just before bMoneyWize started piloting the idea to create a financial toolkit. Martin has donated finance-related books to 500,000 of the country’s 8.67 million children of school age.
At the forefront of delivering financial education (FinEd) is the government’s flagship Money Advice Service and a host of charities: Young Money, MyBnk, The Money Charity; and Kickstart Money. The latter are sponsoring the delivery of FinEd to 18,000 children across the UK for 3 years in partnership with other agencies. Recently, Political Labour peer, Lord Hutton, in the House of Commons, arguing in favour of 85% surveyed young adults, leads the debate for its inclusion in the primary school curriculum.
bMoney Wize is based in London’s ‘borough’ of Barking and Dagenham with a hugely diverse ethnic population and increasing single parent households on low income with government support (about 50%). Though rated in the bottom 10 of poor areas in London, it maintains increasing education attainment.
Encouraging financial skills at a young age is crucial especially when surveys suggest that some adults first learn about money when seeking help to manage debt. I fell out of work and realizing my kids had not grasped the impact of this situation on our finances, I identified a unique opportunity to teach all children about money; at a time schools did not offer FinEd. Supported by Barclays and a host of others, the personal finance toolkit and educational board game – bMoneywize was created.
The toolkit simultaneously fosters a love for maths and money skills at home and school. It has gained national and international recognition, with Best New UK product award nomination and shortlists at the 2016 & 2017 Reimagine Education awards, USA.For two years running,it is being given free, to school teachers across the United Kingdom, in a finance competition.
Arinola displays the contents of the board game.
About Dr Arinola Araba:
Arinola is a single mum, author, multi-award nominee and inventor of the bMoneywize game –which focuses on helping young people learn maths and financial skills in a fun way!
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