Just Finance Foundation Update – June 2024

Our mission is to equip the people who families trust with the confidence, knowledge and inspiration to educate the next generation and build financially capable communities. We focus on supporting teachers, parents and carers to deliver quality financial education in schools and at home.

We work with primary schools across the UK to deliver Lifesavers, our flagship financial education programme that aims to support children in managing money wisely now and in the future. Lifesavers consists of four core elements:

• Milo’s Money: a teaching resource for children aged 4-7 that introduces basic financial concepts through a picture book, a cuddly toy, an online game and classroom activities.
• The 5 Big Questions: a series of resources for children aged 7-11 that present five questions about money to help children explore how we think and feel about money, as well as how we use it: where does our money come from, how does money make us feel, what can we use our money for, how does our money help other people, and how can we look after our money.
• Money Box Theatre: a drama resource pack for children aged 7-11 that allows them to explore money concepts and practical decision making through theatre, using a box of fun props and guidance materials.
• The Savings Club: a practical experience of managing money, where children can open a savings account with a local financial institution and develop the skills and habits of saving, spending and giving.

 

Research and resources for children with additional barriers to learning

In 2023 we began a research project funded by the Money and Pensions Service, working with with children and teachers in Alternative Provision (AP) settings to understand how financial education resources could be adapted to their needs, and where the gaps were for new interventions.

AP settings support students who cannot attend mainstream education due to illness or other reasons, including behavioural issues. Children learning in AP settings are more likely to grow up facing disadvantage due to socio-economic status, social, emotional or mental health difficulties or a combination of factors[1].

Our new resources will include:

• Money Adventure, a dynamic online game designed as a choose-your-own adventure experience that empowers children to navigate money-related scenarios and explore the consequences of their decisions, both positive and negative. Money Adventure will offer a new avenue for engaging learners who do not respond to traditional or mainstream teaching methods and tailors our program to diverse learning styles.
• We have also developed our 5 Big Questions as Conversation Cards which are discussion starters tailored specifically to meet the concerns, ambitions and interests of this group. Children in these settings often begin the day with a “soft-start” such as a talking about an issue or topic, making these an effective way to engage students and meet the needs of the teaching staff.
• Due to the increased likelihood of smaller class sizes, and of resources being ripped or damaged in specialist settings, we have developed a more robust version of Milo’s Money and accompanying resources which also facilitate smaller group work.

Expanding our reach across the devolved nations.

We have been working in Northern Ireland to pilot a new financial education programme for trainee teachers. Our pilot will be completed in July, and early feedback is very positive.

To support our aim to reach more schools across the UK, we gained registered charity status in Scotland and held a launch event in Edinburgh last April.

Our Milo’s Money storybook has been translated into Welsh and we intend to launch these to Welsh schools in September 2024, including the accompanying activities and resources.

[1] Beynon, K. (2022). Long term outcomes of pupils who experience alternative provision. FFT Education Datalab. (Electronic Copy retrieved on https://ffteducationdatalab.org.uk/2022/07/long-term-outcomes-of-pupils-who-experience-alternative-provision/ 20 November 2023).

Other Member Updates:

All-Party Parliamentary Group on Financial Education for Young People

Centre for Financial Capability

CISI Future Foundation

Just Finance Foundation

Mental Health UK

The Money Charity

MyBnk

National Youth Agency

Quaker Social Action

St James Place

Wealthify

Young Enterprise

Young Enterprise Northern Ireland