Money on our Minds - hear it from the pupils

The young people featured in the following clips all took part in Money on our Minds. They talk candidly about their experiences of money, personal finance education in schools and how it can be improved.

Their revealing and sometimes surprising comments illuminate the main findings from the main report (see below to order or download) and together they demonstrate why it’s important not to make assumptions about what young people know and think about money, and what they’re interested in learning about and why.   We also hear from a teacher and school advisers about why they got involved and the impact of the consultation.

Why Money on our Minds?

Money on our Minds was a south east regional student consultation delivered through a partnership between pfeg south east and healthy schools south east.  Here a teacher, school adviser and pfeg’s healthy schools partner explain why it’s important to ask young people their views on financial education and why they got involved in the regional project.

Pocket money and earning money

It’s important to establish the right starting point for financial education, and this will differ between schools and groups of students.  All young people have different levels of understanding about personal finance, driven by their experiences at home with parents or carers, and the role it plays in their individual lives.

Money on our Minds found that young people have more interaction with money than adults perhaps give them credit for.  It’s not something they will just experience when they’re adults - it’s a big part of their lives right now.

Here the students tell us about their experiences of money, and their attitudes towards pocket money, work, spending and saving, providing good starting points for classroom learning.

How money makes us feel

As well as knowing where to start, schools need to know where to go next.  What do students need to help them prepare for the next stage of their lives? What questions have they got about money, and what misconceptions do they need help with?

Through Money on our Minds, young people told us about the effect money has on their emotional health, everything from enjoyment and feeling included to jealousy, unfairness, stress and worry.  Here the students shed some light on how money makes them feel, underlining the very important role of PSHE education (PSHEe) in developing financially capable citizens.

Their views tell us that schools need to organise personal finance education so that students learn about money in the same way as they experience it - as whole people.  Narrow snippets of knowledge or isolated mathematical skills aren’t enough.  Young people need planned and coherent programmes of learning that cover the breadth of financial capability – knowledge, skills and attitudes.  Attitudes to money drive financial behaviour, and that’s best tackled in PSHEe.

Important money topics

here are plenty of money topics to choose from when schools are designing their curriculum.  In order to get it right, we need to ask students which they think are the most important.  What they need will change as they grow older.

The young people that took part in Money on our Minds told us that insurance, budgeting, tax, and loans and debt were the 4 most important topics to learn about at school.  Here the students tell us why those topics are important, and about some others they feel strongly about.

Where in the curriculum

The young people involved in Money on our Minds were clear that schools play an important part in helping them make the most of the opportunities and difficulties that money brings in life.  Here the students tell us why they feel it is rightly placed within the curriculum, and from teachers and school advisers about the challenges involved in giving financial education the time and attention it deserves.

Teaching and learning

Money on our Minds has shown us that young people have strong views about who is best placed to teach them about personal finance, and the most effective teaching and learning methods to use in the classroom.

Here the students tell us why they want to learn through debate, discussion and role play.  However they also warn us these are challenging teaching techniques and that they want to learn from specialist, well trained teachers who are skilled at managing conflicting opinions and who respect the many different and diverse attitudes that there are to money.  They also  welcome learning from people who work in the financial sector, as long as it’s impartial and done well.

Why it's important

97% of young people involved in Money on our Minds think it’s important to learn about money at school.  They understand the significance money has in their lives, and why they need to learn how to manage their money well.  Here the students give a strong message about why personal finance education is important.

Impact of Money on our Minds

Money on our Minds was designed to develop and test consultation methods for personal finance education, gather views and data about how young people think personal finance education can be improved, and inform the delivery of personal finance education, particularly with Personal, Social, Health and Economic education.  The report includes recommendations for schools but here a teacher, school adviser and pfeg’s healthy schools partner talk about other unexpected outcomes for the students and educational practitioners that took part.

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