The Centre for Financial Capability is a financial education charity which brings together key stakeholders across the primary financial education space, to achieve shared aims and to effect change to ensure all children receive a high-quality and effective financial education starting at primary-school level. The Centre’s intention is to be at the centre of the financial education space, with the aim of improving access and quality of financial education, bringing organisations together and campaigning for greater investment and attention in this important area.
The Centre for Financial Capability is a financial education charity which brings together key stakeholders across the primary financial education space, to achieve shared aims and to effect change to ensure all children receive a high-quality and effective financial education starting at primary-school level. The Centre’s intention is to be at the centre of the financial education space, with the aim of improving access and quality of financial education, bringing organisations together and campaigning for greater investment and attention in this important area.
Celebrating our 1-year anniversary
Since the Centre’s launch in June 2021, we are incredibly proud to have provided crucial financial education lessons to over 3,500 primary school children in over 100 schools, building on the over 20,000 children reached through the initial KickSart Money project, all in collaboration with the charity MyBnk. These sessions have helped children to begin building their financial capability and financial literacy which will help them as they start making financial decisions in later life.
Many parliamentarians, including Rishi Sunak MP in his former role as Chancellor of the Exchequer, have visited primary schools in their own constituencies to see these financial education sessions in action. Most recently, the Centre was delighted to have Felicity Buchan MP attend a year 6 class in her constituency at Avondale Park Primary school to watch pupils learn about the importance of positive money habits.
The Dormant Assets consultation and the Dorman Assets Roundtable
For the past year, the Centre has been campaigning for a portion of the £880 million unclaimed dormant assets, set to be released through the expansion of the Dormant Assets Scheme, to be put towards sustainable financial education for primary school children.
With the opening of a 12-week public consultation on which causes should be included in the Dormant Assets Scheme, the Centre hosted an industry-focused roundtable, bringing together financial education stakeholders to discuss the industry’s opinion of the dormant assets consultation and why it is important for the money to be used to fund financial education for children. The roundtable was attended by 30 leading stakeholders including DCMS, TISA and GoHenry, who discussed the need for better funding for financial education.
This month, the Centre submitted its response to the dormant assets consultation, outlining why financial education for primary school children should be a recipient of the funding from the scheme. We look forward to the publication of the consultation outcome in due course.
Government and wider engagement
Following ministerial changes, the Centre met with representatives from the Department for Education to discuss the importance of expanding financial education to include primary aged children and the dormant assets consultation.
From January to June, the Centre worked with the Centre for Social Justice, providing written and oral evidence for their report into financial education. The Centre was featured throughout the report and was quoted as an example of “good practice in the sector” in relation to financial institutions investing in financial education. Many of the reports key recommendations, aligned with the Centre’s own policy asks, including the report’s first recommendation that the “Department for Education should place financial education on the national curriculum for primary schools”.
Looking to the future
Since our launch last year, the Centre has continued to focus on improving the financial capability and strengthening the financial resilience of the next generation. The Centre will continue to support the delivery of financial education programmes and raise awareness of the need to expand financial education to all primary school children.
To find out more about the Centre you can read about our work and our policy proposals, or visit our website.
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