A financial capability programme for schools developed by Accounting Cafe.
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Accounting Cafe is a community of expert educators delivering better accounting education for everyone everywhere. After the success of its free resources for teachers delivering BTEC and A Level Business, and T Level Accounting, Accounting Cafe sought a way to reach students not studying specialised subjects. It created “Accounting Clubs in Schools” to support school teachers to deliver financial capability to all 16 – 18 year olds.
Accounting Clubs in Schools is designed on evidence-based pedagogical research and understanding. For example, a report by the RSA Action and Research Centre (Wired for Imprudence) warns against responding to financial literacy challenges with more knowledge. Consequently, Accounting Clubs are light on detailed information and provide easy-to-understand rules of thumb that participants apply to their financial circumstances. Also, financial capabilities are developed using a framework-based approach — an accounting lens. This provides a grounding and context for applied financial concepts such as payslips, student loans, credit cards, mortgages, and investment returns.
Similarly, research shows that “experiential learning or learning-by-doing . . . are among some of the most effective means of teaching a vocational capability.” (Quoted in Wired for Imprudence). Accounting Clubs in Schools, therefore, uses the unique Colour Accounting Learning SystemTM, a “learn-by-doing” method with a physical pack of materials, including a pop-up accounting board. It’s an engaging, fun and active way to learn how finance works.
Another important aspect of Accounting Clubs in Schools is that teachers within a school or college deliver the programme over 10 weeks as an extra-curricular activity. This allows institutions to build the necessary knowledge and skills among their staff, rather than rely on outside experts. The ten weeks allow participants in Accounting Clubs the time to develop skills, deepen their understanding and apply what they learn to practical scenarios. Accounting Clubs in Schools is a meaningful attempt to change the hearts and minds of teachers and students alike.
After completing an initial pilot at a comprehensive school in north London, students gave it a 96% approval rating and reported a better understanding of accounting and its importance as a foundation of financial capability.
“Our students were engaged, enthusiastic and very complimentary about the course. Students who normally have poor attendance attended every single session. The project has really inspired them.”
Rachel Fraser, Head of Business,
Queens Park Community School, London
Responses to the training that teachers receive have been very positive too. They said they expect the programme to exceed their students’ expectations and believe it’s a very powerful way of presenting personal finance. One teacher said her head was buzzing with ideas about applying the contents to her other subjects.
