The UK ranks well above the OECD average for spending per pupil in primary and secondary education coming seventh out of 32 countries for primary education and eighth out of 32 countries for secondary education.

A recent report by the CIPD, however, highlighted that public spending on education and training has, in fact, fallen in real terms since 2010.

From an educational perspective, Finance as a subjet, is often viewed as the realm of university students, or maybe a few maths geniuses in school. It would seem, however, from the same CIPD report that many teens enter adulthood without basic financial literacy. As a directresult it’s not had to appreciate that many young people in the UK will therefore experience slower progression in their first years of employment (compared to other OECD countries). It’s a sobering thought and even more in terms of Brexit.

Sadly, it seems that it’s just assumed that teenagers will learn these life skills later on. But the reality is that many lacking basic finncial awareness will have to learn about money the hard way, and often too late.

Compared to other OECD countries, the UK has mediocre to poor outcomes on numeracy (to name but one skill). Literacy and numeracy together are pretty much prerequisites for access to intermediate and higher-level skills training but among 16–24-year-olds, England and Northern Ireland together rank in the bottom four OECD countries for these essential skills.

 

So why do many parents often fail to consider the importance of financial awareness for their children?

 

Raising financial awareness will help children to avoid financial struggles later in life; it arms our children with a better understanding of money enabling them to begin managing their pocket money, wants and needs more wisely.

Money management should not be treated as a speciality field either; in practice, it is hard to think of any other set of skills that better guarantee personal freedom. Understanding the role money plays in our lives and appreciating the relationships people have with money are essential areas of knowledge. Possessing an awareness of the advantages of budgeting and recognising the value of saving, gives children a real grasp of money, helping them to take charge of their financial future. It is not terribly hard to get teenagers interested in making and managing money either.

Camp Evolution’s Finance for Tomorrow Programme was developed specifically for 9 to 14-year-olds. The programme runs as both full and half-day programmes. After launching in Cheshire in 2016, we’ve since run sessions in Trafford and will be launching our first London-based Finance for Tomorrow Programme on May 13th in Barnet.

Priced at just £15 our programme is easily affordable whatever your budget. Tickets are easy to book and available via Eventbrite. Camp Evolution are also partnering with Secondary Schools across the country to promote the programmes.  

Teaching children about money management, if done at the right time can make all the difference to their lives
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