Financial Education. Everything you need to know.
Financial Education is coming to schools this September, which is a huge step towards helping children manage money responsibly as they grow up. But what will children be learning? And what can be done to carry this on at home? Family banking tool goHenry have put together a list of things you need to know.
What will children be learning?
Children and teens between the ages of 7 and 16 will be learning about money within both maths and PHSCE/Citizenship classes.
– Children from age 7 to age 11 will learn to recognise pounds and pence and learn to combine these to make monetary values. They will also be taught to recognise percentages and understand their relevance to money.
– Children and teens ages 11 to 14 will learn to calculate savings to be made weekly and monthly in order to reach savings targets. Students will learn to understand and calculate percentage changes as well as learning about the difference between saving and investment. They will widen their awareness of bank accounts and credit and debit cards too.
– Teens aged 14 to 16 will further their understanding of the economy and the business cycle as well as learning about wages. Teens will then go on to learn about the risks of interest as well as looking at loans, mortgages and credit ratings.
How can you continue this learning at home?
We’re sharing goHenry as a great way for children to learn to earn, save and spend responsibly. It has been specifically designed to help young people independently manage their money, supporting the key values that children will be learning at school.
We spoke to a goHenry family to see how it helps financial education at home.
“goHenry is a fantastic way to get children thinking about money,” says Angela Davies, who uses goHenry with her daughter Rhianna, 12. “I’m happy to see that financial education will be part of the National Curriculum later this year, but the key driver for money sense has to come from the home.”
“Getting children actively involved in managing their finances on their phones and computers is a really effective way for them to learn about financial independence,” says Angela. “It gives them the confidence and skills they need to be able to make sensible money decisions in the future.”
Let’s go – Special Noddle Offer
goHenry are offering a 3 month free trial for all Noddle readers. Use code: GHPC14
Getting started is simple; visit goHenry.co.uk to open an account online. You will then receive your goHenry cards in five working days. goHenry costs just £1.97 per child per month. You won’t be charged until after your free trial and you can cancel at anytime at no cost.
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