Scottish Centre for Financial Education Learning and Teaching Scotland

1
Scottish Centre for Financial EducationLearning
and Teaching Scotland
Financial Education inScottish Primary Schools
Money Week
2
Background

• Financial Education in Scottish Schools
• A Statement of Position, 1999
• This led to the establishing of the Scottish
  Centre for Financial Education in 2002. The SCFE
  is a private public sector partnership as part of
  Learning and Teaching Scotland
• National Statement for Improving
• Attainment in Numeracy in Schools, 2002
• This document published by the Scottish
  Executive recognises the importance of financial
  education in raising attainment and in tackling
  issues of inclusion and lifelong learning

3
What is Money Week?

• Money week is a themed approach to learning and
  teaching of financial capability.
• It is learning in context in most areas of the
  curriculum.

4
Why use it

• To develop financial understanding, competence,
  responsibility and enterprise in young people.

5
There are four aspects to financial capability

• Financial understanding
• Understanding the concept of money.
• Where does it come from?
• Where does it go?
• Financial competence
• Knowing how to look after and manage money.
• How do we plan to look after our spending?

6
There are four aspects to financial capability
continued

• Financial responsibility
• Making personal life choices, and thinking about
  the ethics of money.
• Do the choices we make impact on others and if
  so, how?
• Financial enterprise
• Using financial resources in an innovative and
  confident manner.
• How can we evaluate risks and returns?

7
Financial capability within theexisting
curriculum

• You may already be addressing some or all
• of these to a greater or lesser degree
• however, it is possible that you have, in
• fact, been developing these areas already
• without realising it!

8
Due to a change in shopping habits children may
be experiencing very different situations from
those we experienced as children

• The availability of unsecured credit, e.g. store
  cards
• Can we assume that children realise that using a
  credit card is not a free transaction?
• Direct debit may be used on many occasions
• Can we assume that children are aware that
  heating is actually paid for? Few of us make the
  trip to the shop to pay our bills

9
Assumptions we may make

• The use of credit and/or debit cards may mean
  children do not see adults use cash
• Can we assume that when the teller asks us if we
  want cash back that children realise this money
  belongs to us it is not the shop offering us
  money?
• Can we assume that children are aware that using
  a cashpoint machine or writing a cheque depends
  on us having money in the bank in the first
  place?

10
Assumptions we may make

• Advertising offers us a quick fix option
• No matter how much debt we find ourselves in
  there is a company willing to give us a
  debt-clearing loan whatever our financial
  background!
• Can we assume that children are aware of the
  possible consequences involved?

11
Assumptions we may make

• It is often current practice to set up shop in
  primary schools especially when working with
  money
• Can we assume that children purchase goods in
  shops themselves?
• Can we assume that children have individual
  interaction with a shopkeeper?
• Can we assume that children still visit a
  traditional corner shop to buy sweets or spend
  pocket money?

12
Managing money

• Personal financial capability is not just the
  ability to add/subtract money and know what your
  change should be when shopping.
• Its not about how much money you have but how
  you manage it!
• Its also about managing debt in today's world
  many of us have mortgages, rent, car loans,
  credit cards, etc.

13
It is about making informed choices based on

• Needs
• Essential to our health and well-being food,
  clothing and shelter
• Wants
• Non-essentials which enable us to enjoy quality
  of life, e.g. television, holidays

14
It is about making informed choices based on

• Budget
• These choices have to be made no matter how
  limited or vast our financial resources are.
• Best value
• We constantly make choices in this area
• quality versus quantity.
• We live in an age of disposable consumer goods,
  e.g. it can be cheaper to replace a watch than
  have it repaired.

15
Why Money Week?

• We grew up in a cash-based economy.
• Our curriculum evolved in this cash-based
  economy.
• The majority of resources available to support
  the learning and teaching of maths concepts do
  not address financial capability.

16
Inclusive financial capability

• Some childrens experience of money is still very
  much within a cash economy.
• Some may be in a financially excluded society
  which does not have access to legal financial
  services.
• Cultural diversity can give children
  varying/different experiences.
• More/less money does not affect financial
  capability.

17
Financial capability

• Addressing financial capability will
• identify and build on existing practice
• develop the curriculum in context
• develop core skills
• support both staff and pupils in allowing the
  children to not only lead their learning but take
  informed calculated risks and learn from
  mistakes.

18
Money Week themes

• Nursery Snacks for All
• P1 Pound Shop
• P2 Vending Machines
• P3 Jam Jar
• P4 Buy a Bike
• P5 Keeping Accounts
• P6 Cost of Living
• P7 Phone a Friend

19
Curriculum in context

• Most themes address all areas of the curriculum
  (except PE!)
• For example

20
Some examples from a theme

• Primary 1 Pound Shop
• Maths
• Collect receipts from from a variety of shops
  and display in order of totals.
• PSD
• Discuss why we raise money for charity.
• Enterprise
• Visit local shop, supermarket or van.

21
Some examples from a theme

• Primary 3 Jam Jar
• ICT
• Use the internet to research different
  charities, famous charity events, and scientific
  discoveries supported by charity donations.
• Technology
• Design and make charity boxes which reflect the
  charity they have chosen. Use when collecting
  money.

22
Some examples from a theme

• Primary 5 Keeping Accounts
• Listening and talking
• Find out about the history of a local
  bank/building society by inviting a a member of
  staff to visit your school.
• Art
• Design uniforms for bank staff using your school
  name as the bank.
• Enterprise
• Find out about the skills and abilities you need
  to work in a bank.

23
Some examples from a theme

• Primary 7 Phone A Friend
• Reading
• Find appropriate information from the internet,
  newspapers and catalogues on varying prices for
  phones, calls and texting.
• Drama
• As a provider of mobile phones convince
  potential customers why they should buy your
  model.
• Citizenship
• Discuss what Value Added Tax is and how the
  government uses it.

24
A Curriculum for Excellence

• Our aspiration for all children and for every
  young person
• is that they should be successful learners,
  confident
• individuals, responsible citizens and effective
• contributors to society and at work
• The Curriculum Review Group

25
The future

• Our challenge is
• If we dont give our children the opportunities
  to
• manage money, how can we expect them to be
• responsible, effective, successful, confident
• members of society?

26
Preparing for Money Week

• Using the appropriate theme for your stage
• Are there any resources which you need to gather
  beforehand, e.g. boxes/card for model making?
• Do you need to organise a visit to/from a shop or
  bank? (Remember, if the children organise this it
  is an enterprising experience!)
• Do you need to organise any parent helpers to
  help with any activities?
• Consider having an open afternoon on the Friday
  to share success with parents and carers.
• ENJOY!