“By placing financial education more prominently in the primary school curriculum… we can ensure that we are setting up our children for a successful future.” – Lord David Blunkett.
A recent survey of school teachers found that only 1% of primary school teachers believe that their students’ level of financial literacy is adequate.
The survey was undertaken by cross-party think tank, the Social Market Foundation
Speaking about the results, former education and employment secretary and Vice-Chair of the APPG for Financial Education for Young People, David Blunkett said: “By placing financial education more prominently in the primary school curriculum… we can ensure that we are setting up our children for a successful future.”
Teaching primary school children about financial responsibility is a valuable life skill that can be introduced through engaging and age-appropriate activities. Here are some lesson ideas:
Budgeting Basics: Introduce the concept of budgeting by giving children a fictional amount of money and guiding them to allocate it for different purposes such as savings, spending, and giving. Use simple scenarios like planning a birthday party or a trip to the zoo to make it relatable.
Guest Speakers: Invite parents, community members, or financial professionals to speak to the class about topics such as budgeting, saving for college, or entrepreneurship. Hearing from real-world experts can provide valuable insights and inspiration.
Needs vs. Wants: Help children distinguish between needs (things necessary for survival) and wants (things desired but not essential) through interactive discussions and examples. Encourage them to prioritize needs over wants when making spending decisions. Have students create collages or posters illustrating examples of needs and wants from magazines or printed images. Discuss each item as a class and categorize them into needs or wants, emphasizing the importance of prioritizing needs over wants when managing money.
Entrepreneurship Project: Divide the class into small groups and challenge them to create and sell a product or service. Guide students through the process of brainstorming ideas, calculating costs, setting prices, and marketing their offerings. This hands-on project will teach them about entrepreneurship, budgeting, and financial planning.
Saving Strategies: Teach children about the importance of saving money for future goals or unexpected expenses. Set up a savings jar or piggy bank where they can deposit their spare change regularly. Discuss different saving strategies such as setting goals, delayed gratification, and the concept of interest.
Earning Money: Introduce the concept of earning money through chores or other age-appropriate tasks. Discuss the idea of exchanging time and effort for money and encourage children to think creatively about how they can earn extra income.
Smart Spending: Teach children how to make wise spending decisions by comparing prices, prioritizing needs, and avoiding impulsive purchases. Use real-life examples or role-playing activities to demonstrate the consequences of overspending.
Understanding Banking: Introduce children to the concept of banks and how they work. Discuss basic banking services such as savings accounts, interest, deposits, and withdrawals. You can also take a field trip to a local bank branch if possible.
Giving Back: Instil the value of generosity by teaching children the importance of giving back to others. Encourage them to donate a portion of their money or time to charitable causes or community projects.
Learning from Mistakes: Help children understand that it’s okay to make mistakes with money as long as they learn from them. Discuss common money mistakes and encourage open dialogue about how they can avoid similar pitfalls in the future.
Role-Playing Activities: Engage children in role-playing scenarios such as going shopping, budgeting for a family vacation, or starting a small business. This hands-on approach allows them to apply financial concepts in a fun and interactive way.
Reflection Journals: Have students keep reflection journals or diaries where they write about their experiences with money management, including challenges they’ve faced, goals they’ve set, and lessons they’ve learned. Encourage students to reflect on their financial decisions and identify areas for improvement over time.
