Money and Pensions Service

The Money and Pensions Service (MaPS) is here to ensure every person feels more in control of their finances throughout their lives: from pocket money to pensions. When they are, communities are healthier, businesses are more prosperous, the economy benefits and individuals feel better off. MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP).

MaPS is working to make sure the whole of the UK understands that financial, physical, and mental health are all deeply connected. MaPS’ role is to connect organisations with the shared purpose of achieving the five goals set out in the UK Strategy for Financial Wellbeing. One of these goals is ensuring that two million more children and young people receive a meaningful financial education by 2030.

Testing what works in Financial Education

A key part of MaPS role in the financial education sector is leading on a wide-ranging programme of policy, research, and insight to understand what works in the provision and delivery of financial education. To help us address some of the gaps in understanding and evidence of what works, we are funding a £900,000 programme to test innovative ways to deliver financial education to children under seven and children and young people in vulnerable circumstances, and through digital delivery.

Alongside our ongoing pathfinder programme, findings from our Innovation Programme will strengthen the evidence base of what works and best practice to support providers of financial education to deliver and fund meaningful financial education. We are working with some exciting new partners, including Whizz-Kids, The Teenage Cancer Trust, and Just Finance Foundation. Read our blog to find out more.

Tools and resources for schools across the UK

To improve the provision of financial education, MaPS supports the development of and access to financial education tools and services across the UK. We recently launched a range of new resources, alongside partners, for the devolved nations.

• Financial education guidance for primary and secondary schools in Scotland sets out how schools can improve the financial education they deliver, and signposts to services and resources that can help. It is endorsed by Scottish Government and developed in consultation with financial education experts, school leaders and teachers. MaPS plans to develop similar guidance for the rest of the UK over the coming Financial Years.
• Young Money’s Your Money Matters textbook is now available to secondary schools in Northern Ireland for free, and in a format compatible with remote learning. MaPS co-funded this project with Martin Lewis, founder of Money Saving Expert, working in partnership with the Council for Curriculum, Examinations and Assessment and Young Enterprise NI.
• As part of our pathfinder programme, free financial education e-learning is now available for teachers in Wales, along with the new Money Mapping resource. Available in Welsh and English, and aligned to the new Curriculum for Wales, the training and resources will help teachers strengthen the money skills of 9-12 year-olds.

Talk Learn Do, a programme for parents

MaPS is pleased to be partnering with Natwest to trial the virtual delivery of Talk Learn Do, a programme designed to support parents and carers on how to tackle money matters with children. Natwest will be hosting workshops in the Spring, via their Moneysense programme. Find out more by contacting CYP@maps.org.uk.

See www.maps.org.uk/schools to find out more about what we are doing to support financial education in schools.