Financial Literacy for Children

Despite decades of debate, the majority of our children are still unprepared for their financial future in an increasingly complex financial world.

The following charts recent years of dialogue on the subject of teaching children to deal with financial matters facing them throughout their lives:-

  • 2008 – A BBC News Business article states: “Personal finance education is not currently a mandatory part of the curriculum anywhere in the UK.”
  • 2011 – The Government set up an e-petition entitled: “Make financial education a compulsory part of the school curriculum”.
  • 2012 – BBC News reported on a study commissioned by the charities National Children’s Bureau (NCB) and Personal Finance Education Group (PFEG), the research suggesting: “Schoolchildren across the UK are worried about money and want personal finance lessons.”
  • 2013 – An article in the FT Weekend section of last weekend’s Financial Times by Elaine Moore states: “… there is no statutory requirement for schools in England to teach [financial education] …”.

The Times Educational Supplement (‘TES’) Teaching Resources includes Money Management as part of the PSHE section giving worksheets to use, shopping-related problems (including percentages related to buying a first car), quizzes, and many more resources for teachers to use in classes.

It is apparent that tuition in basic personal or business finances is still deficient in our educational system and there is a requirement for extra training for those teachers who have not had the chance to be trained in the subject.

At Westbury we understand just how complex the Financial world can be and it is a key part of our approach to clients to make business and personal finance as simple and understandable as possible.

Keith Graham – Managing Partner

Westbury Accountants and Business Advisors is an accountancy practice based in London. Westbury have been providing Accounting and Tax solutions to small and medium sized businesses since 1936. Talk to the team at Westbury on 0207 253 7272 or visit http://www.westbury.co.uk.