Money and Pensions Service

Since our last update to this group in April 2022, we wanted to update you on the following:

  •  Research reports: MaPS has published the following research reports to add to the evidence base for those involved in financial education for children and young people. All reports can be found at https://moneyandpensionsservice.org.uk/category/research/. The latest additions include:
    • Talk Learn Do Reports for – Scotland; Northern Ireland; and NatWest – Building on the success of the Talk Learn Do (TLD) pilot in 2015–2018, the Money and Pensions Service (MaPS) commissioned several further projects and associated evaluations to enhance their understanding of how TLD can support parents in different contexts, and to understand the effectiveness of different delivery approaches.
    • Measuring financial literacy of 4-6 year olds – MaPS commissioned Loughborough University to carry out a small-scale test of the use of comic strips to measure the financial literacy of four to sixyear-old children and see how it can be most effectively designed.
    • Wales pathfinder of teacher training – The aim of this pathfinder was to understand how to establish a scalable and sustainable model for delivering financial education in Wales, providing learning for wider delivery across Wales and the rest of the UK
  • DFE/MaPS Webinars for school leaders and teachers: MaPS met with Ministers at DFE and will be jointly delivering a series of webinars for school leaders and teachers. We are working with the Department for Education to co-deliver a series of financial education webinars for school leaders and teachers in England. These will cover both the primary and secondary phases. The webinars will explore how financial education can help school leaders deliver on their broader priorities, and how teachers can use financial education to enrich the existing curriculum – including Maths, Literacy, Computing and PSHE & Citizenship. The webinars are due to take place between December 2022 and March 2023.
  • Grant Call (teacher training and supporting children and young people in vulnerable circumstances): To progress the commitments in the Delivery Plan, we have launched a grant call to support our work around children and young people in vulnerable circumstances and teacher training. The funding is available for projects that develop and test approaches to scaling teacher training and improving provision for children and young people in vulnerable circumstances. This programme will focus on supporting activity that builds on the evidence developed so far – with a focus on how we can create sustainable models for delivering a meaningful financial education for more children and young people.
  • All Party Parliamentary Group (APPG) hearing on financial education in schools: MaPS gave evidence at the oral evidence session on 6th July. We look forward to seeing the report in early 2023.
  • Evidence and insights webinar series: During Talk Money Week MaPS will host its first webinar to explore what works in delivering financial education to children in vulnerable circumstances. This event will provide the chance to come together, to explore how these insights may be used by policy makers, delivery organisations and professionals, to plan and deliver meaningful financial education for children and young people in vulnerable circumstances. There will be two further webinars taking place in November with the second focusing on what works in delivering financial education in the home and the third focusing on what works in delivering financial education in school settings. Dates and registration details are as follows:
What works in delivering financial education to children and young people via parents and carers

Thurs 24th Nov 11am -12pm

Please register your free place here.
What works in delivering financial education to children and young people in educational settings.

Tues 29th Nov 11am – 12pm

Please register your free place here.
  • Talk Money Week: Monday 7th November marks the start of Talk Money Week 2022, the national campaign that aims to get everyone talking about money. With many facing cost-of-living pressures and managing their money in uncertain times, the need to talk money has never been greater. It has been great to hear some of the Forum members’ plans for celebrating the week and making a noise about financial education. To support schools to get involved, MaPS published a new Talk Money Week Toolkit for Schools (available in English and Welsh) which signposts to financial education resources and services and has published blogs on topics such as where young people can access financial guidance and support in Wales.

We would encourage you to look out for:

  • Provision mapping exercise: findings from our latest financial education provision mapping exercise, due to be published later this month. This provides a snapshot of the financial education programmes delivering to children and young people across the UK in 2020/21, including new data on reach, spend, target audiences and methods of delivery. The report also explores the impact of the Covid-19 pandemic – and the associated social distancing measures and school closures – on financial education provision.
  • Local Authority/ Children’s Services Guides: the guides aim to help local authorities and children’s services across the UK embed opportunities for learning about money into the support they provide to children and young people in vulnerable circumstances – including children in care and care leavers, young carers, young people at risk of homelessness and many others. The guides are made up of two separate documents and are going to be published by the end of 2022:
    1.  Guidance for leaders and decision-makers of children and young people’s services in England, Scotland, Wales and Northern Ireland, setting out how financial wellbeing aligns with their wider duties and priorities for children and young people.
    2. A toolkit for practitioners across the UK with tips on good practice and signposting to resources and services that can support them to talk to children and young people about money, deliver informal financial education and support access to money guidance.
  • Supporting parents with Cost-of-Living narrative: We are updating our content on MoneyHelper to support parents and carers on how to navigate conversations around cost of living with their children. This will also include blog posts from parent influencers to help parents and talk to their children about the rise in cost of living.
  • Talk Learn Do Practitioner Training: we are offering free Talk Learn Do training to practitioners who support parents. The training will be delivered virtually between November 2022 and February 2023. Practitioners interested in receiving TLD training or refresher training for previously trained TLD practitioners should get in touch via cyp@maps.org.uk.
  • Children and Young People (CYP) Financial Capability Survey 2022: every three years the CYP Capability Survey is run amongst over 4,000 children aged 7 to 17 and their parent/carer. The survey gives us a measure of financial capability in CYP across the UK so we can benchmark activity against the national goal of reaching 2 million more CYP by 2030 in terms of providing a meaningful financial education. Interviewing has just been completed and initial results will be shared early next year.
  • Talk Learn Do Evidence Summary: based on all the evidence we have generated over the years about Talk Learn Do, we have created a summary that looks at where we have the strongest evidence on impact, and what we have learned along the way about recruitment, training, scaling and embedding.
  • Young Scot Money & Me report: Young Scot ran a series of campaigns to inform young people about money in 2021 and 2022. This report summarises the results based on web analytics, a survey immediately after each campaign and a follow-up survey to assess longer-term changes.

Contact MaPS

Find out more about MaPS’ work to improve financial education for children and young people at www.maps.org.uk and join the conversation using #TalkMoney.

 

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