Welcome to the Initial Teacher Trainer materials for financial education.

This toolkit is aimed at all primary initial teacher training providers - whether this is university or school-centred. It offers ITT tutors and course conveners all the resources and confidence needed to teach and embed financial education within their primary ITT courses. Ultimately, furnishing their newly qualified teachers with vital skills and knowledge as they enter the primary classroom for the first time.

In partnership with HSBC and 18 primary ITT providers the toolkit has been developed by pfeg - the UK’s most trusted provider of knowledge, resources and support for those teaching about money. pfeg’s mission is to equip all young people with the knowledge, skills and confidence to manage their money well. We do this by working with schools and universities across the country to embed financial education.

Why is it so important to teach financial education?

To participate fully in life, everyone needs a clear understanding of how to manage their money. The urgency for the development of financial literacy has never been clearer.

pfeg believes that financial education is most effective when delivered as a planned programme of learning opportunities. Therefore pfeg supports schools and teacher training providers through expert advice and high quality educational resources that will engage and inspire both qualified and trainee teachers.

We know from this work in initial teacher training that early adopters of financial education become powerful and confident advocates equipped with a unique selling point as they enter their first teaching post.

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Don't know where to start? You've come to the right place...

The Toolkit is divided into 6 main sections:

1. Planning with your colleagues

All the guidance and resources needed to plan your delivery of financial education to
your trainee teachers.

2. Inspiring your trainees

All the guidance and resources required to teach your trainees the importance of financial education and how to deliver it well in the primary classroom.

3. Supporting your trainees on placement

This section will help you further prepare your students to deliver effective, cross curricula financial education whilst on placement and beyond.

4. Opportunities for school centred ITT provision

Are you a school centred ITT provider? Here you will find all the guidance and resources needed to encourage your trainees to deliver effective financial education within your school.

5. Why it matters - the impact of financial education

The urgency for the development of financial education has never been clearer. This section demonstrates the significant impact the programme has had on tutors, trainees and young people.

6. About the programme and further support

Learn more about the aim and the reach of the programme and the further support available.

Guidance & resources

  • Guidance & resources

    This is where you will find all the guidance needed to:

    • plan the delivery of financial education within your programmes of study with your colleagues

    • inspire your trainees to deliver effective financial education

    • support your trainees when delivering financial education on placement

    • support trainees who are engaged within school centred ITT

  • Planning with your colleagues

    Making the case for financial education with your colleagues

    pfeg have worked with a range of initial teacher training providers; from schools to universities; helping them to introduce financial education into their ITT courses.  This has enabled us to develop a range of resources and ideas that will help you inspire your colleagues and allow them to see how and where financial education fits within your primary ITT courses.

    See how and why tutors across a range of ITT providers have been inspired to introduce financial education into their training programmes:


    We know that course delivery time is at a premium and that it can be difficult to find the space to include more content.  However, our experience in working with trainees has shown that not only do they think financial education is important but they have found it is a great way to add real life context to learning opportunities in the classroom.

    Have a listen to what trainees think about financial education:

    Making learning relevant

    Financial education can provide a rich context for a range of learning and many aspects of the curriculum can benefit from using money as a context, making learning relevant for children. In addition, enrichment activities provide opportunities for exploring money:  Using financial education to provide a real life context

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    • Courses and contexts

      Making it work for you

      Our work with various ITT providers has shown that there is no ‘one size fits all’ solution.  Each institution has approached the work differently in order to fit with their individual priorities. There are a number of variables which need to be considered within your own context:

      • which cohort
      • which specialism
      • time allocations
      • format and setting
      • deployment of staff

      We want to make it as easy as possible for you to include financial education within your programmes. pfeg has worked with providers to enable them to include financial education across a wide range of courses and in a range of settings from lectures, seminars, tutorials and on teaching experience.

      Read about what has been done to include financial education into courses:

      We’ve also worked with National Teaching Schools to help them develop opportunities for including financial education in their own curriculum as well as ensuring trainees discover how it can enhance children’s learning in the classroom. Read more here:  Old Ford & Culloden Primary - Building a holistic approach to financial education

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      Taking the lead - a Financial Education Champion

      Each ITT provider needs to identify a coherent and cohesive approach to developing financial education. Read how Winchester University successfully used a financial education champion to lead the development within their Primary BEd programme The benefits of a financial education champion

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    • Tutor CPD session

      Knowing where your starting point is

      If you and your colleagues are new to this area of work then you could use our Tutor baseline questionnaire

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      to find out how confident they feel about delivering financial education.


      To help you inspire your colleagues we have developed some ‘ready to go’ materials:

      1. If you have 20 minutes in a departmental meeting use: Tutor PowerPoint 1

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         – 'The Case for Financial Education in ITT'

      2. If you have time to explore this in more depth follow up with: Tutor PowerPoint 2

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        – 'Learning About Money in the Primary Classroom' (approx 40mins)

      3. A list of resources which could be useful to explore with colleagues and to have available for trainees: Error: Cannot find node

      4. A film showing financial education in action - can be shown as a whole or in chapters:  What Money Means in Action

      What next...

      You might want to look at Inspiring your trainees for tools to help you think about planning the specific content of lectures and seminars.

    • Further reading & resources

      Further reading & resources

      • We have put together a  Financial education - Resources toolkit

        Use the button below to download

        Download now

         for trainees. To access further classroom based resources, including a wide range of Quality Marked teaching materials (many are free of charge) go to www.pfeg.org/resources

      • In addition the pfeg Advisory Service provides free help and advice on teaching about money.

      • If you want to investigate financial education in more depth we have provided a Financial education - Reading list

        Use the button below to download

        Download now

         to help you do this.

      • As part of the What Money Means programme we have developed a suite of resources with many ready-to-go classroom ideas and activities, including ideas for assessment. This will support your work with trainees and help you reinforce how it can add context to other aspects of teaching. This can be downloaded or ordered as a hardcopy here:


      Learning About Money in the Primary Classroom

      Published April 2012
      Produced by: pfeg

      This resource suite is the final and definitive material to emerge from pfeg's What Money Means 5 year ground-breaking project supported by HSBC. The main booklet includes detailed case studies and a broad range of primary resources that practitioners can use and experiment with in relation to their own programme of personal finance education.

      View resource images Learning About Money in the Primary Classroom cover

      View suitability, curriculum information & comments for this resource.

  • Inspiring your trainees

    Making the case for financial education with your trainees

    Our work with 18 initial teacher training providers has shown how important it is to include financial education in their courses. As their trainees start their teaching careers they find it easy to make the links across the curriculum and to include learning about money as a natural part of their planning.

    The work pfeg has been doing with these tutors and trainees has enabled us to develop a range of resources so that you too can introduce your trainees to financial education and inspire them.

    Listen to our trainees describing how important and beneficial financial education training has been to them:

    • Teaching financial education to your trainees

      Before you begin - How prepared and confident do your trainees feel?

      If you aren’t sure about how much your trainees already know or how confident they feel about financial education then you could use the baseline questionnaire. This will give you a great starting point and help you to identity your priority areas for development:  Trainee baseline questionnaire

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      How long do you have?

      We have developed a range of ready-to-go materials and resources you can use in your lectures and seminars. First decide how long you have got and which format you want to use. You may wish to combine elements from both sessions into one.

      1. An introductory session: 1 hour. You might only have one session to introduce your trainees to financial education. If so, why not use our Trainee PowerPoint 1

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        to get the key messages across? This includes tutor's notes.

      2. A follow-up session: 1 hour. You may have additional time in which to explore financial education in the classroom and prepare your trainees for their own classroom practice. If so, use Trainee PowerPoint 2

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        which includes tutor's notes.

      3. Financial Education through a specialism - Mathematics: 1 hour. You may want to introduce financial education to a group of trainees specialising in Mathematics. If so use:  Trainee PowerPoint 3 - Maths specialism

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    • Planning tools for trainees

      No one wants to keep on reinventing the wheel, so, to get you thinking about how teachers include financial education in their curriculum we’ve got a range of resources and planning tools to help you. Our Learning About Money in the Primary Classroom resource suite is a great starting point:

      Learning About Money in the Primary Classroom

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      - A comprehensive booklet featuring detailed case studies and short taster ideas to get teachers started.
      Financial Education Planning Framework: 3-11 years

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      - pfeg's map of the key financial knowledge, skills and attitudes relevant to the specific age ranges.

      Exploring a range of curriculum areas

      The curriculum offers a huge range of opportunities for teaching about money from enriching Mathematics to using puppets and poetry to explore ideas and feelings in English and PSHEe. You can supplement your lecture/seminars with many more examples of how to plan for financial education.

      Here are some examples to use with your trainees of how financial education has been included to enhance children’s' learning through the curriculum:

      • Financial education and maths

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        Financial topics provide rich contexts for developing mathematical skills, such as problem solving, fractions, measurement and statistics.

      • Financial education and literacy

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        There are numerous opportunities through reading, story-telling, creative writing and role play to explore financial themes and topics.

      • Financial education and PSHEe/Citizenship

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        PSHE education and citizenship ensure that children receive opportunities to explore attitudes and values in relation to money. This ensures a holistic approach to building financial capability

      • Financial education and other subjects

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        Financial education can link with every aspect of the curriculum, especially in the primary school. Planning a creative curriculum creates opportunities to explore themes which are essential to a full understanding of our world.

      Our What Money Means in Action films also provides great examples of how financial education has been brought to life in the classroom.

      Assessing financial education

      Assessment is a crucial part of teaching and learning. Financial education follows the same processes and good practice for assessment generally. pfeg has produced a booklet intended to help teachers assess financial education. It contains a range of teacher-led assessment tasks and examples of pupils’ work generated in primary schools. It includes examples from a range of subjects and cross-curricular topics:  Learning About Money: Primary assessment ideas

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    • Assignments for trainees

      Many ITT providers want to offer their trainees tasks to widen their learning in financial education, so we have developed a range of assignments with guidance for marking. They are offered as starting points for tutors and can be adapted to fit the requirements of the diverse range of teacher training courses on offer.

      Financial education assignments for trainees

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      • a range of assignment tasks for trainees;

      • assessment guidance for tutors

      • a reading list containing texts, articles and classroom resources.

      The assignments are differentiated to suit trainees at different stages of their studies and with different levels of classroom experience.

    • Further reading & resources

      Further reading & resources

      • We have put together a  Financial education - Resources toolkit

        Use the button below to download

        Download now

         for trainees. To access further classroom based resources, including a wide range of Quality Marked teaching materials (many are free of charge) go to www.pfeg.org/resources

      • In addition the pfeg Advisory Service provides free help and advice on teaching about money.

      • If you want to investigate financial education in more depth we have provided a Financial education - Reading list

        Use the button below to download

        Download now

         to help you do this.

      • As part of the What Money Means programme we have developed a suite of resources with many ready-to-go classroom ideas and activities, including ideas for assessment. This will support your work with trainees and help you reinforce how it can add context to other aspects of teaching. This can be downloaded or ordered as a hardcopy here:

      Learning About Money in the Primary Classroom

      Published April 2012
      Produced by: pfeg

      This resource suite is the final and definitive material to emerge from pfeg's What Money Means 5 year ground-breaking project supported by HSBC. The main booklet includes detailed case studies and a broad range of primary resources that practitioners can use and experiment with in relation to their own programme of personal finance education.

      View resource images Learning About Money in the Primary Classroom cover

      View suitability, curriculum information & comments for this resource.

  • Supporting your trainees on placement

    All our work with tutors and trainees has show how easy it is to include financial education in the primary curriculum and enhance learning by providing real and relevant contexts. Building on what they have learnt in the ITT seminar room, trainees become equipped and enthused to include financial education in their plans and prepare for school placement.

    Watch how trainees at Edge Hill University applied their new skills and confidence in financial education on their first school placements:

    Enhancement not add-on

    This is an ideal opportunity to engage with partner schools by encouraging them to support trainees to try out activities that include financial education. Read about how St Mark and St John University offered CPD sessions on financial education to ensure that their school based mentors were prepared to support trainees. Many of the school based mentors were new to financial education and welcomed the opportunity to work with trainees in this innovative way:  School mentors supporting curriculum innovation

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    • Preparing for placement

      Here are a few top tips to encourage trainees to get involved in some financial education work while on school placement.

      1. Provide trainees with some good quality examples of financial education in action:  Learning About Money in the Primary Classroom

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      2. Enable trainees to look at subjects that are familiar to them and to ask ‘how can I include some financial education here?’ 
        Using the trainees' experience as a starting point

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      3. Allow trainees to use familiar planning tools and templates (school or university ones) and to include financial education in these using the  Financial Education Planning Framework: 3-11 years

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      4. Enable trainees to plan and try out activities with one another before they go into school to increase confidence:  Curriculum planning task as preparation for a school placement

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      5. If you want trainees to try out some financial education in the classroom, you will need to encourage your partner schools and mentors to provide them with opportunities:  School mentors supporting curriculum innovation

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      6. Provide time for them to review and reflect on their experiences:  The importance of reflection and review for trainees

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    • On placement

      Many of the trainees pfeg has worked with have had great success in putting financial education into practice as soon as they are out on placement.

      Experiences of trainees on placement

      Reading University: Supporting PGCE and BEd trainees with financial education through mathematics:
      Having been supported by their tutors through seminar inputs at Reading University, PGCE trainees were inspired to teach some financial education through Mathematics. Listen to what they have to say about the work they did in school.




      Marjon University: Supporting BEd trainees using lead teacher and partner school support
      In Plymouth at the University of St Mark and St John they took a unique approach by preparing their trainees in financial education, so that they could then provide mentor support to trainees in other year groups. This is part of their plan for sustainability in financial education in the future:  University of St Mark & St John - Learning from peers

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      Manchester Metropolitan University: A trainee reflects on a teaching placement
      After attending a lecture on financial education, read about how a MMU trainee applied this new knowledge on her first teaching placement:  Manchester Metropolitan University - A trainee reflects on a teaching placement

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      University of Cumbria at Tower Hamlets: Working with graduate
      Graduate trainees at the University of Cumbria were supported through seminar and tutorial sessions to include financial education in their teaching. Some of the trainees had the opportunity to work in a teaching school and were part of a master class in modelling good practice in financial education teaching through mathematics.

      Roehampton University - Engaging approaches to financial education
      PGCE trainees at Roehampton engaged in a wide range of activities as a result of the input on financial education; including working with puppets as a way of exploring feelings and attitudes about money.

      Teachers' experiences of working with trainees on placement

      The University of St Mark and St John, Plymouth used a team of ‘Lead Teachers’ for financial education, already working in Plymouth schools, to support trainee teachers on school-centred experience in BEd and PGCE programmes:  Bringing the classroom into the HEI

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    • Further reading & resources

      Further reading & resources

      • We have put together a  Financial education - Resources toolkit

        Use the button below to download

        Download now

         for trainees. To access further classroom based resources, including a wide range of Quality Marked teaching materials (many are free of charge) go to www.pfeg.org/resources

      • In addition the pfeg Advisory Service provides free help and advice on teaching about money.

      • If you want to investigate financial education in more depth we have provided a Financial education - Reading list

        Use the button below to download

        Download now

         to help you do this.

      • As part of the What Money Means programme we have developed a suite of resources with many ready-to-go classroom ideas and activities, including ideas for assessment. This will support your work with trainees and help you reinforce how it can add context to other aspects of teaching. This can be downloaded or ordered as a hardcopy here:

      Learning About Money in the Primary Classroom

      Published April 2012
      Produced by: pfeg

      This resource suite is the final and definitive material to emerge from pfeg's What Money Means 5 year ground-breaking project supported by HSBC. The main booklet includes detailed case studies and a broad range of primary resources that practitioners can use and experiment with in relation to their own programme of personal finance education.

      View resource images Learning About Money in the Primary Classroom cover

      View suitability, curriculum information & comments for this resource.

  • School Centred ITT provision

    There are many routes into teaching and pfeg has worked with a range of providers and their trainees to help them include opportunities for learning about money. As school-based training becomes more common place we are keen that this format of ITT training is able to provide the opportunities to explore financial education effectively.

    Financial education is not a statutory requirement but learning about money is an important life skill that should be not be overlooked in the classroom. Teacher tutors/mentors have a responsibility to prepare their trainees for the full range of teaching and learning. Financial education therefore has its place.

    Those with the role of mentoring trainees in school need to be equipped with the necessary knowledge and skills to provide effective support for trainees so that they can plan and deliver appropriate learning opportunities about money in the classroom. This section will provide you with specific examples of how other school centred ITT providers have approached financial education.

    If you want to find out about financial education more generally and explore how it can add value to the classroom, or simply want to enthuse your colleagues about the need for teaching about money - we have developed many resources and ideas.

    • Do you offer school-centred ITT?

      Do you work in a Teaching School?

      Working in a teaching school gives opportunities to work with all the staff and with other schools in your locality. Read about how we worked with one teaching school to enable a whole school approach to learning about money:  Old Ford & Culloden Primary - Building a holistic approach to financial education

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      Old Ford Primary & Culloden Primary - A short film
      See how school-centred learning mentors developed their own knowledge and expertise around financial education in order to help their trainees plan and deliver in the classroom:


      Do you support trainees through Schools Direct?

      Read about how we have worked with tutors and schools supporting trainees through School Direct (formally the Graduate Teacher Programme:  University of Cumbria GTP - A learning journey

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    • Ideas to get you started

      • Raise awareness amongst trainees and/or all the staff about the need for financial education and what it looks like in the classroom in short INSET session: INSET session for teaching colleagues

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      • Consider planning for financial education delivery across the school; use the Financial Education Planning Framework: 3-11 years

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        to work out how to adapt it for the needs of your pupils. It will help you develop ideas and progression across the age range.

      • Work with trainees – either in a one-to-one situation or a small group to consider ideas for classroom intervention and progression of learning. Use our resource Learning About Money in the Primary Classroom

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        to help develop trainee confidence in planning and teaching classroom activity.

    • Ideas to extend trainee experience

      • Work with trainees in the school to look at children’s work and use  Learning About Money: Primary assessment ideas

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         to moderate marking

      • Give trainees the link to the What Money Means in Action films so they can get inspiration from watching teachers in a range of schools

      • Enable your trainees to share their experiences of financial education with other trainees from your partner HEI’s and network schools

      • Promote the use of financial education and the work of your trainees through your partner school network

    • Further reading & resources

      Further reading & resources

      • We have put together a  Financial education - Resources toolkit

        Use the button below to download

        Download now

         for trainees. To access further classroom based resources, including a wide range of Quality Marked teaching materials (many are free of charge) go to www.pfeg.org/resources

      • In addition the pfeg Advisory Service provides free help and advice on teaching about money.

      • If you want to investigate financial education in more depth we have provided a Financial education - Reading list

        Use the button below to download

        Download now

         to help you do this.

      • As part of the What Money Means programme we have developed a suite of resources with many ready-to-go classroom ideas and activities, including ideas for assessment. This will support your work with trainees and help you reinforce how it can add context to other aspects of teaching. This can be downloaded or ordered as a hardcopy here:

      Learning About Money in the Primary Classroom

      Published April 2012
      Produced by: pfeg

      This resource suite is the final and definitive material to emerge from pfeg's What Money Means 5 year ground-breaking project supported by HSBC. The main booklet includes detailed case studies and a broad range of primary resources that practitioners can use and experiment with in relation to their own programme of personal finance education.

      View resource images Learning About Money in the Primary Classroom cover

      View suitability, curriculum information & comments for this resource.

Making an impact

Our success stories

The impact of the WMM programme has been impressive. pfeg would like to thank all the universities, teaching schools, tutors, trainees, teachers, teaching assistants and young people who have contributed so much of their time and experience to the success of this ITT Toolkit.  These contributions lie at the heart of its success.

The many outcomes of this programme from individual providers are seen throughout this microsite. They take the form of film clips, PowerPoint presentations, booklists, student assignments, advice and suggestions. We have collated the following ‘Learning Journeys’ to show the key elements of impact from each institution involved:

Bath Spa University - Enrichment through a PGCE programme
Edgehill University - Creating a unique selling point
Exeter University - Raising awareness of financial education
Institute of Education - Making the most of opportunities
Manchester Metropolitan University - A trainee reflects on a teaching placement
Newman University College - The importance of quality resources
Old Ford & Culloden Primary - Building a holistic approach to financial education
Oxford Brookes University - Up-skilling tutors to introduce financial education
St Mary’s University College - Provision for a whole cohort
University of Cumbria GTP - A learning journey
University of East London - Inspiring and motivating tutors
University of Hull - Enriching Professional Studies
University of Reading – All about maths
University of Roehampton - Finding the right place for financial education
University of St Mark & St John - Learning from peers
University of Winchester - Embedding and sustaining financial education
University of Worcester - Introducing financial education in Early Years and Foundation

Making an impact

pfeg has worked with 18 primary ITT providers across England through our What Money Means in Initial Teacher Training programme; embedding financial education within primary ITT programmes of study and creating confident and skilled newly qualified teachers. To date we have worked with:

The programme has been independently evaluated. Some of the key areas which were highlighted in the report are quoted as follows.

‘Quite an eye opener! I think primary teachers have a responsibility to cover this, to fill in gaps and deal with misconceptions’  Trainee teacher
For the majority of the HEIs, financial education work was a step into the unknown. Prior to the project very little was being specifically offered towards developing their students’ expertise or confidence in this area.

‘I was really impressed with the resources – the quality was outstanding’  HEI Tutor
Trainees and tutors singled out the Primary Framework document and the innovative nature of the Assessment booklet in particular and felt that these gave a very secure basis upon which to build a programme of financial education. [link to these]

‘They have realised it is doable and their attitude now is really “why wouldn’t you teach it?”  HEI Tutor
All parties interviewed agreed that the outcomes have been significant and that those trainees now have a very good understanding of financial education in the primary school curriculum. It is evident that confidence levels have improved dramatically and that it has even piqued academic interest – a trainee at one of the HEIs has completed a dissertation on personal finance in the curriculum and in other institutions students are now able to complete relevant written assignments.

‘This has added a dimension to our degree which is current, important and valuable’. HEI Tutor
It has been highlighted that trainees engaging in this work have a somewhat unusual dimension to add to their curriculum vitae and in the current employment situation this is seen as a highly desirable aspect of the work carried out.

‘I didn’t consider teaching this before. However now I see it as essential especially as there are so many wonderful resources available’.  Trainee teacher
Trainee teachers engaging with this project have found it extremely useful in terms of their professional and personal development and have valued the experience.


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About What Money Means

What Money Means is a groundbreaking programme designed to develop the financial capability of primary children, from Reception to Year 6. Delivered by pfeg in partnership with HSBC, the programme initially worked with teachers and local authority teams to:

  • integrate personal finance education across the curriculum
  • provide high-quality training and resources for teachers
  • spread good practice among the teaching community

The project is the biggest non-governmental initiative of its kind for primary schools. It has significantly improved finance education in England’s primary schools and left a legacy that teachers can continue to build on in the future. Read more about the What Money Means project which ran from 2007-2012.

Initial Teacher Training

What Money Means demonstrates how important it is to reach teachers at the start of their careers, and those who are responsible for their training. The programme was therefore extended to work with ITT providers and has resulted in:

  • Confident and skilled course leaders and subject tutors bringing finance education to their trainee teachers
  • Teachers in training who understand the importance of finance education and how to deliver it well
  • Placement schools prepared to support trainee teachers integrating finance education into their teaching practice
  • Trainee teachers who have benefited from enriched professional development

Read more about the What Money Means in ITT project.

Further support from pfeg

pfeg is here all year round to support you with free advice and expertise about financial education. We pride ourselves on innovative practice and delivery and provide the following free services:

Free tailored educational advice 
A free service for anyone involved in teaching children about money - specialist education consultants use their experience to give practical advice about any aspect of financial education. To access this free support call 0300 6660 127 or e-mail support@pfeg.org or find out more

Free resources and guidance
Visit the resources section of our main website for hundred more videos, resources, case studies and guidance to help you teach financial education.

pfeg Quality Mark
An independent resources assessment service that supports the development of high quality and effective financial education teaching resources – read more.

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... and counting! Use our handy resources and join the growing number of ITT  providers taking up financial education.



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Insurance professionals who analyse risk and its financial impact

Advanced Tech levels

Tech levels are rigorous advanced (level 3) technical qualifications on a par with A Levels and recognised by employers. They are for students aged 16 plus that want to specialise in a specific industry or prepare for a particular job.


Annual Equivalent Rate. Shows what the interest rate would be if the interest on savings were paid and added to savings at the end of each year. Used as a way of comparing different financial products; the higher the AER, the better the return on your savings.


Assessment for Learning - teachers planning tasks, the outcomes of which provide information that can be used to improve the next element of teaching and learning. Activities could include questioning, discussions with students, marking work or tests with detailed feedback to students on how to improve.

After tax

What you are left with after tax has been paid.


A contents insurance policy covering possessions even when they are away from your home.

Alternative credit

Credit arrangements outside the mainstream. Usually extremely costly.


Every year.


A special type of investment which can pay out a regular sum over a lifetime. Usually taken out with pensions upon retirement.


Annual Percentage Rate. The total cost of a loan, taking into account the interest you pay, any other charges and when the payments fall due. Used as a way of comparing different financial product; the higher the APR, the dearer the loan.


Money owed which was not paid when due.


Advanced Subsidiary Level qualification are stand alone one year courses that provide an opportunity for young people following A level subjects to introduce breadth into their studies.


Everything that a person owns that has a monetary value (e.g. property, investments, cash).


Attainment targets set out expected standards of pupils' performance at end of each key stage. Not all National Curriculum subject have attainment targets


Automated Teller Machine; also known as ‘cash machines’ or 'the hole in the wall'. An electronic machine that dispenses cash and other banking services using a cash withdrawal card and a personal identification number (PIN).

Attainment statements

The statements that comprise the attainment targets

Attendance allowance

A benefit for people over 65 with physical or mental care needs.

Available credit

This is the amount of money a store card or credit card company will lend you immediately.


Bankers Automated Clearing System. A fast service that allows transfers of money to be done electronically from one bank to another e.g. salaries.


The amount of money you have in your account at any particular time or which you owe on your credit or store card or on a purchase after the deposit has been paid. It will be shown on your statement.

Balance brought forward

The balance that was shown on your last statement.

Balance transfer

Moving the balance from one credit card to another with a lower interest rate, in order to pay less.


A bank is a government-licensed and regulated financial institution whose main activity is to lend money in order to stimulate economic growth, and, in turn, profit. In order to lend money the bank must take a certain amount of deposits which it does in the form of current and savings accounts opened by individuals and businesses.

Bank account

A service from a bank or building society which lets you pay in money, get cash out and pay bills etc. The bank keeps a record of all transactions.

Bank loan

Money that you borrow from your bank for a pre-arranged interest rate.

Bank of England

The UK’s central bank responsible for setting the base interest rate in order to try and keep the economy stable. This base rate influences the rates offered to savers and borrowers by other financial institutions such as banks.

Bank statement

A piece of paper that shows all the money that has been paid into an account and paid out from an account. Statements are usually sent each month.


A piece of paper money, where the bank will pay the amount of money shown on the note.


A court order given when someone cannot pay their debts they owe: an official receiver takes control of your money and property, and deals with your creditors.

Base rate

The interest rate set by the Bank of England, which other financial institutions (such as banks) use for guidance when setting their rates.

Baseline assessment

Assessment / tests to find out what learners know or can do before teaching begins of a particular subject / topic. Used to track pupils progress. Especially used to refer to the assessments undertaken during the EYFS (early years foundation stage), normally aged 3 to 5


A person named in a life assurance policy.


A government system which provides practical help and financial support for members of the public. For example benefits are available for: those who are unemployed and looking for work (job seekers’ allowance), additional income when an individual’s earnings are low (income support), bringing up children (child benefit), retired (state pensions), care for someone, are ill or have a disability.


A piece of paper that shows how much money is owed for something eg gas, electricity etc.


Sometimes called 'fixed interest securities' or simply 'stock' are loans to an organisations such as a company, a local authority or the government. Bonds are a form of investment, usually with less risk than shares.


A bonus is a payment made to an employee in addition to a basic salary.


Getting money from someone else that you intend to pay back after some time. You might borrow informally from friends and family or take out a formal loan with a written agreement from a bank or building society.

Bounced cheque

A cheque is said to ‘bounce’ when a bank refuses to pay the named person on a cheque due to either lack of funds in your account or the cheque is written incorrectly.

Bridging loan

A temporary loan which allows you to buy a new property before selling your old property.


An amount of money set aside for something or it can also be a summary of intended expenditure and income to cover it.

Building society

An organisation that is owned by its members, some or whom will be customers saving or borrowing from the society. They often offer a range of financial services and are similar to banks.

Buildings insurance

Type of insurance that pays out if the structure of your home is damaged. For example your house is damaged by fire.


An ammount of money given to a student by a college or university, to pay for them to study.


When a person buys a property with the intention of renting it out to someone else. The rent is often used to pay off a mortgage.


Citizens Advice Bureau; a local voluntary organisation offering unbiased free advice on a range of problems including finances, legal matters etc.


The amount of money you originally have, save or invest, before any interest, other return or loss is taken into account. It could also be an amount of money that you have borrowed.

Capital Gains Tax

The tax paid on profits from selling investments such as shares if their value is over a certain amount

Carer's Allowance

A benefit for people who provide regular care to disabled people in their own home.


Cash is the simplest way of buying something. It is not a good idea to send cash payments through the post, but you can pay bills such as gas and electricity in cash by using the Giro payment system available through post offices and banks.

Cash inflow

The receipts of your business. If your receipts are bigger than your payments, you have a net cash inflow.

Cash outflow

Payments out of your business. If your receipts are less than your payments, you have a net cash outflow.


Cashcards or cashpoint cards, are the simplest type of account cards. They can usually only be used at cash machines (with a personal identification number, or PIN) to withdraw cash, check your balance or print out a mini-statement.


A record of all the money coming in, less all the payments as they are made, measured over a particular time.


Goods are shown in the pages of the catalogue. You can buy them on credit and pay in weekly or monthly instalments. The goods will usually be delivered by post. The price of the goods in the catalogue may be more than the price in a shop.


County Court Judgement. An order made by a judge to settle a claim brought in the county court.


Clearing House Automated Payment System – a method for transferring money from one bank account to another on the same day. There is usually a charge for this service


Fees and interest which you have to pay, for example, when you borrow money or buy on credit.


Cheques are a paper based payment method often used for buying goods, paying bills and as gifts. However the use of cheques has declined over past 20 years and fewer retailers accept cheques, as other payment methods are more efficient and effective.

Cheque guarantee card

A plastic card issued by a bank or building society that guarantees the amount of money on any cheque you write will be paid whether or not there is enough money in the account. There is a limit to the amount that is guaranteed - £100 or £250 are common amounts.

Child Benefit

A tax-free benefit paid to most people with children.

CiC (Children in care)

Children under 18 years of age who have been provided with care by children's services, often with foster parents.

Circle time

Usually used with primary school children; where children may sit in a circle to discuss social and emotional topics such as bullying or money. Supports the development of children?s listening skills. Used by teachers throughout the age range for personal, social, health and economic education.


Clearing is the time it takes for the bank to complete a transaction, for example, transfer money from one account to another.


Things you own of value that can be used to secure a loan; for example a property.

Common Inspection Framework

This sets out how Ofsted inspects maintained schools, academies, free schools in England. Introduced in September 2015, the framework outlines a four point grading system that will be used by inspectors to make the judgement: grade 1(outstanding); grade 2 (good); grade 3 ( requires improvement); and grade 4 (inadequate).

Compound interest

The usual type of interest paid on savings and loans, based on the capital plus the interest already paid so far, so the savings or the loan will grow by increasing amounts (unless money is taken out or the loan paid off).

Comprehensive insurance

A comprehensive insurance policy is more expensive than a third party insuance only policy because it provides cover for accidental damage to your own car in addition to the third party cover.

Comprehensive school

Secondary schools which educates all local children regardless of their ability. A schools intake can vary dependent on popularity and location.

Consolidation loan

A loan which combines all your credit card payments, housing arrears, loan repayments and household bills into one monthly payment.


When you buy something you are a consumer.

Consumer society

A society in which people place a high value on possessions and in which they are encouraged to purchase more

Contents insurance

You buy contents insurance to cover your possessions. Some policies will pay for damaged items to be replaced as new – although the insurer may send you a voucher for a set value for you to replace the item at a certain store rather than give money. The amount you pay will depend on where you live, how big your house is and whether you have a lot of valuables.

Core subjects

English, mathematics and science.

Corporation tax

The tax paid by business owners on their profits.

Council tax

Tax paid to the local council for local services such as libraries, police, waste collection etc.

Council tax benefit

Helps those on low incomes pay their Council Tax


Continuing professional development - involves activities that develops teachers? knowledge / understanding, and their effectiveness in their professional lives.


An account ‘in credit’ means that there is money in it that is available to be spent. If you obtain goods or services ‘on credit’ it means that someone (for example, a bank or credit institution) has given you the money as a loan to make the purchase.

Credit cards

A small plastic card available from most banks, and allow you to borrow money up to a certain limit. When you buy something with your credit card, the amount you spend is added to your total borrowing. Every month you are sent a statement to show how much you have borrowed and how much you need to repay. If you don't repay the full amount, you will start paying interest.

Credit history / record

A record of loans you have taken out or credit card payments made or missed. This information is stored by credit reference agencies, which supply details of your credit score/rating to financial institutions when you take out further loans.

Credit limit

The maximum amount the store card or credit company will lend you altogether at any time.

Credit rating

An estimate of how risky it would be to lend a person or an organisation money based on their credit history / record.

Credit reference agency

An agency that holds information on adults. This information includes public records (e.g. Electoral Roll entries), credit account information (e.g. repayment records for loans, credit, mortgage, hire purchase) and records of credit checks that have previously been made.

Credit repair companies

Companies offering, for a charge, to advise you how to erase bad credit from your credit record.

Credit risk

The chance that you might not repay your loan or credit.

Credit score

A score given by a shop or credit agency based on your personal and financial circumstances. It helps them to decide whether you are likely to repay the loan you are asking for.

Credit Union

A non-profit making co-operative savings association that lends money to its members at low interest and encourages saving.


A creditor is someone to whom a debt is due. This word is often used to describe the person that lends you money.


Child Support Agency; responsible for ensuring that parents who live apart meet their financial responsibilities for their children.


Child Tax Credit; a means-tested benefit for people with children. Introduced to combat child poverty.


Money in any form which is used as a way of buying goods and services e.g. Euro, Pound, Dollars. Different countries use different currencies.

Current account

A low-interest bank or building society account which helps you to manage your day-to-day money; pay bills, receive money and keep money secure.

Customs duty

Customs Duty is a tax paid when you bring certain goods into the country.


Money which is taken out of an account is ‘debited from’ that account.

Debit cards

A small plastic card used to buy things without using cash or a cheque; when paying in shops, shopping by phone or on the internet. When you make a payment or withdraw cash with your debit card, the money is taken straight out of your account electronically. You cannot borrow money on a debit card.


If you are in debt you owe money to someone or an organisation.


A person who owes money.


To default on a loan means to fail to make payments that are due.


Dependents are people who depend on you financially because they have no income. This is usually children who live with you, but it could be elderly relatives you care for.


Money that you pay into an account or a deposit is an initial payment which secures the purchase of something, normally a percentage of the total amount.


The way in which the currculum and teaching methods are ammended to meet the learning needs of individual students.


A qualification for 14 to 19 year-olds, offering a practical way of gaining skills for employment and university. Subject areas are available including; business administration and finance.

Direct debit

An instruction to your bank to release money from your account to pay bills and other amounts automatically. The billing company requests the money from the bank directly. You are told in advance in writing how much will be taken and the date it will be taken out of your account.

Disability living allowance

A tax-free benefit for people under 65 who have personal care needs or mobility problems.


Money which is taken off the price of something. You may need to collect coupons or vouchers before claiming the discount. Sometimes shops give a discount to their employees.


Money from a company’s profits paid to people who have shares in the company. Most shares pay an interim and final dividend.


Money transfers made electronically or over the internet; for example direct debits.

Early Years Foundation Stage (EYFS)

The time before statutory school age and including the year children start school, usually age 3 to 5. The curriculum is less formal and relies heavily on play. There is a framework of learning for teachers to follow and learning about money is part of that framework.

Economic wellbeing

A person’s sense of financial security, including avoiding poverty, achieving employment and understanding personal finance


The UKs economy refers to its production and sale of goods and services and the way the government manages its money.


Someone who is paid to work for an organisation, company or someone else. The person who you work for is your employer.

Employee NIC

Employee National Insurance Contributions; is a form of additional taxation that is taken off your pay before you get it. You usually need to make contributions before you can claim certain state benefits, such as State Pension when you retire.


Someone who pays someone else to work for them


A life insurance policy that pays out a lump sum at the end of a set period or on death, whichever comes first.

English Baccalaureate

The EBacc is a school performance measure, allowing parents and others to see how many pupils in a school get a grade C or above in core academic subjects (English; mathematics; history or geography; a science; and a language) in any government-funded school in England. The Government has announced that all pupils who start year 7 in September 2015 will take the EBacc subjects when they reach their GCSEs in 2020.


Running a business or, in education, learning how to do so


An entrepreneur is someone who starts their own business and makes money through risk and initiative.


The value of a property over the amount of the mortgage secured against it; if property prices go up, your equity increases. Negative equity is where the value of your property is less than the amount of the mortgage still to be paid off.

Equity withdrawal

The process where mortgage levels are increased to release extra funds


An estimate is an educated guess. An electricity or gas company will work out an estimate on the basis of how much electricity or gas you have used at this time of year in the past. On some bills in the ‘meter readings present’ column, it may have an ‘E’ before the number wihch means the figure is an estimate.

Ethical bank

A bank that uses its investments and loans to support projects that benefit society or the environment.

Ethical consumer

Someone who thinks before they buy a product or service about how it has been produced and the costs to the environment or other people (e.g. fair trade). By buying something we effectively ‘vote’ to have more of it, made in the same way. By boycotting such goods we send a signal that we do not approve of how the product has been made, packaged or distributed.


The Euro is the currency of several European countries.

Exam groups/boards

The companies responsible for preparing and marking exam papers for GCSE, A Levels and other externally moderated qualifications.


Some insurance policies require you to pay an agreed amount of the cost of any damage if you make a claim. The insurer will then pay for anything more than this. Agreeing to a higher excess generally reduces premiums.

Exchange rate

The exchange rate tells you how much you get when exchanging one currency for another (e.g. one British pound might be worth 1.5 US Dollars).


These describe a possible event or circumstance not covered by an insurance policy. Almost all insurance policies have exclusions.


The amount of money you spend on goods or services.


The sums of money that you need to have to spend so that you can live.

Expiry date

Appears on plastic cards - after this date your card cannot be used.

Extended school

Schools offering services out of normal school hours to support the needs of local families and their communities; such as breakfast clubs or after school clubs.


The fair-trade movement aims to make sure that workers and producers get paid fairly.


A sum of money you pay, for example, to have a loan or credit arranged for you.

Final salary pension

A pension where the amount you get is worked out on the basis of how much you earn in the last (or last few) years of service and your length of service.

Finance company

A company which makes money by lending to people who want to buy goods on credit. Most shops use finance companies for their credit deals.

Financial adviser

A financial adviser is a person or company who can assess your financial needs and give advice about money and suitable financial products. Some advisers can also manage investments for you. An independent financial adviser (IFA) is one not working for specific bank or other seller of financial products, and can in theory therefore offer a wider range of options.

Financial capability

A term used to describe a person’s general awareness of issues relating to money, including keeping track of finances and choosing financial products and services.

Financial capability

having the knowledge, skills and attidudes in relation to money necessary to thrive in society

Financial education

Teaching and learning leading to financial capability. Lessons planned separately or as part of another subject to help learners understand money

Financial exclusion

Lack of access to mainstream banking and other financial services

Financial records

Documents that show information about money earned, spent or owed, including statements, bills, receipts etc.

Financial risk

Some financial products, such as shares in new businesses, are risky because their value can vary (rise or fall) over time.

Financial situation

Your financial situation refers to how much money you receive in wages and/or benefits and how much money you have saved up. It also includes how much money you owe and any financial arrangements you have made for the future, such as a pension. Sometimes people will also ask you about your regular outgoings, such as the amount you pay in rent.

Financial year

The 12-month period a business uses for recording its accounts. It is often the same as the calendar year or the tax year, but does not have to be.

Fixed costs

Costs that remain the same no matter how much is used.

Fixed interest rate

An interest rate guaranteed to stay the same for an agreed period, regardless of whether bank rates go up or down.


The right to sell the products or services of an existing business , independently of that business, in a particular location.


A crime where people have tricked or lied to other people, or to an organisation, in order to get money.

Free buffer zone

Some bank or building society accounts have a free buffer zone; a temporary overdraft for which you will not be charged for being slightly overdrawn.

Free schools

Schools that have been set by parents and others in a local community where it is believed there is not already a school which meets their needs. Each school becomes an independent state school, funded by the Department for Education


Financial Services Authority. The UK’s financial watchdog which regulates how financial institutions are allowed to conduct their business.


Free school meals provided to students of parents/carers who receive particular government benefits.

Functional subjects/functional skills

Qualifications aimed to improve the level of competence of pupils in the literacy, numeracy and ICT needed for life skills. Functional skills are available as stand-alone qualifications and are now integral to GCSE English, mathematics and ICT and Diplomas. Functional Skills assessments consist of the application of skills within real life contexts, eg; learning mathematics skills through money.


Betting money in the hope of making more money; for example through the lottery, fruit machines or casino games.


General Certificate of Secondary Education - national academic examinations of basic secondary education usually taken by 16-year-olds.

Gifted and talented

The identified top 5 - 10% of pupils in each year group that have a high ability in one or more academic subject. Those with a high ability in sport, music, visual arts and/or performing arts are deemed talented.


Gilts are issued by the government to help fund its spending. It is a fairly secure way to invest your money. Also known as government bond.


A giro is a banking term for a method of payment. A giro is given by the payer to his or her bank, which transfers funds into the payee's bank account.

Graduate earnings premium

The extra earnings that come with having a university degree


An total amount of money before any deductions, such as tax or National Insurance.

Gross income/pay

Your wages before anything is taken away from it such as income tax and National Insurance Contributions.

Gross interest

Interest on savings before any tax is taken off.

Gross profit

In a business - the money you make from selling your goods and services less the cost of materials or making the goods.

Head of Year or Head of House (HOY or HOH)

In secondary schools they have the main responsibility to monitor, guide and support pupils? academic and social development across a year group or house and to lead a team of form tutors.

Health insurance

There are many types of health insurances; some give you a lump sum if you become ill, others pay you a regular income while you can’t work, some pay for your treatment at a private hospital so that you do not have to wait a long time for treatment.

Hire purchase (HP)

A way of paying for goods over time if you don’t have all the money up front (often used for cars): an initial deposit is usually paid, followed by a series of regular payments to cover the balance and any interest over a fixed amount of time, the same as repaying a loan. You would not own the car until you have completed the hire purchase agreement.


Her Majesty's Revenue and Customs - the government department responsible for tax collection and benefit payments.


Head of Department or Head of faculty. In secondary schools they have the main responsibilty to raise the standards of pupil attainment and achievement within their curriculum area, to monitor and support pupil progress and lead, manage and develop their curriculum area.

Honour a cheque

A bank honours a cheque by paying out the money as you have requested. A cheque will only be honoured when it has been guaranteed or there is enough money in the account, or you have an agreed overdraft.

Housing benefit

A benefit for people on low incomes to help them pay their rent

Identity theft

Identity theft is a crime of fraud where somebody elses personal details are used to open bank accounts, get credit cards, take out loans, claim benefits etc.


Independent Financial Adviser. An adviser offering advice on investment products from all companies in the marketplace, instead of being limited to selling those of just one firm.

Incapacity benefit

A benefit for people who cannot work and do not get Statutory Sick Pay.


Income is the total money you have coming in, such as; wages, benefits (like income support or child benefit) and child maintenance payments and investments.

Income support

Income Support is a government benefit paid to people on very low incomes tp support them with living costs.

Income tax

A tax which is payable on almost all types of income, at various rates depending on the level of income.

Independent learning

Learning that supports students to think for themselves; when a student gains knowledge by their own effort and develops the ability for enquiry and critical evaluation.


Index-linked means that the value of the financial product or service (e.g. pension, savings certificate) is increased in line with the Retail Price Index or inflation.


A continual increase in the general level of prices. This means over time a given amount of money will buy fewer goods and services.

Informal economy

Paid employment that is hidden or not declared for tax purposes, also known as the hidden economy or cash in hand work.

Information and Communication Technology (ICT)

A subject that is part of the National Curriculum which deals with teaching about technology.


The passing on of money or assets when someone dies. It can also include gifts given while the person is still alive.

Inheritance tax

Tax on the value of a deceased person's assets. Tax may also be imposed on any gifts made during the seven years before death.

Inland revenue

The Inland Revenue is the organisation which collects UK taxes.


In-service education and training - training for teachers to support with the development of their skills in teaching and learning. Also referred to as CPD


When someone is unable to pay their debts.


Weekly or monthly repayments made to pay off a loan or goods bought on credit.

Instant access account

A savings account where you can get your money back without needing to give any notice; they generally attract lower rates of interest than accounts where notice is required.


Insurance involves regular payments to a company so that you can claim money to cover the cost of a possible event such as an accident.

Insurance cover

Insurance cover describes the situations you are insured against. For example, if you have a car you might have comprehensive cover or only be covered for third party, fire and theft.

Insurance premiums

The money you pay to the insurance company to make sure you are covered. Premiums are paid monthly, quarterly or annually.


The reward you get for lending your money to say, a bank or a building society. Also the cost you pay when you borrow money through a loan or credit agreement. It is usually worked out as a percentage (the interest rate) of the money you have borrowed. For instance, if an interest rate is 10 per cent and you borrowed £100, the interest you have to pay will be 10 per cent of £100, or £10.

Interest rates

This is the percentage that is paid on savings or loans. For example, a savings account offering an interest rate of 10% would give you a better return than one offering 5%. Similarly a loan with an interest rate of 20% will cost more than one with a rate of 15%.

Interest-only mortgage

A mortgage where only the interest due is paid off regularly. The original sum is paid off in full at the end of the term of the loan.


Dying without a valid will, in which case the law decides how assets will be distributed.


To use money to buy something that may increase in value over time, for example jewellery, property or shares in a company.


Products that sometimes involve some risk of losing your original money but give you the opportunity of better returns than you get from savings.


Insurance Premium Tax; a tax placed on some insurance premiums.


Individual Savings Account; an account where you don’t pay tax on interest earned. There is a set limit of how much you can save in an ISA each tax year.


Information Technology - a computing, telecommunications and broadcasting subject that is part of the National Curriculum.


Initial Teacher Education. Courses the students in ITT (Initial Teacher Training) take. This can take place in a variety of settings, including Universities and Training Schools.


Initial Teacher Training. Training undertaken at universities or Teaching Schools to gain qualified teacher status (QTS). This enables them to teach in schools.

Job seeker's allowance

A benefit paid by the government to people who are unemployed but available and actively looking for employment.

Key facts illustration

Gives the terms and conditions of a financial product such as a mortgage or pension in a standard format so that simple comparisons can be made between products.

Key Stage (KS)

The National Curriculum in English schools is divided into Key Stages for all children. Currently in a primary school Early Years Foundation Stage (EYFS) is from age 3 to 5, Key Stage 1 is taught during Years 1 and 2 (ages 5-7) and Key Stage 2 in Years 3, 4, 5 and 6 (ages 7-11). In a secondary school Key Stage 3 is taught during Years 7, 8 and 9 (ages 11-14) and Key Stage 4 in Years 10 and 11 (ages 14-16). Lastly, Key Stage 5 covers ages 16-18.


Local Education Authority - see LA or local authority.

Learning Money Matters (LMM)

A pfeg project which ran in secondary schools from 2006-11


An amount of money owed at a particular point in time

Life insurance

A type of insurance that pays out a lump sum to your family if you die. Some mortgage lenders oblige borrowers to have this kind of cover; the insurer will pay off the mortgage with a lump sum if you die. You can insure for more than the cost of the mortgage to make sure that your family has some additional funds to live off.

Lifetime annuity

A regular income for the rest of your life.

Limited company

A registered business, run by private individuals, entitled to employ other people. It can sell shares to private individuals to raise capital and the amount of these, limits any financial liability it has.

Liquid assets

Possessions that can easily or quickly be converted into cash.


A sum of money which you borrow from a person or organisation, usually with interest.

Loan shark

Someone who lends money wthout having a licence to do so from the Office of Fair Trading (OFT). They charge extremely high rates of interest and often use threats to get money if payments are missed.

Local authority (LA)

The statutory body responsible for many aspects of state funded education within a locality (sometimes refered to as local education authority). Academies and Free Schools have significant freedoms from Las

Looked After Children (LAC)

Children under 18 years of age who have been provided with care by children's services, often with foster parents.

Loyalty cards

Cards offered by some shops to encourage people to shop there. Every time you spend money at that shop you will be given 'points' on your card, which can be saved and later used to obtain discounts on shopping or other benefits such as air-miles.

Lump sum

A lump sum is a one-off payment. Some people have insurance policies that pay a lump sum if they have an accident or are ill. Other people prefer to have a policy that provides an income over a long period of time.

Maximum withdrawal

Most cash machines check your bank account and will not give you any more than there is in your account. There is also often a withdrawal limit of about, £250 per day.

Means test

An assessment of somebody’s income and savings, carried out in order to determine whether they should receive a benefit or financial aid.

Minimum payment

The minimum amount you must pay each month off your debt on credit or store card payments.


High pressure or misleading sales techniques which encourage people to buy financial products which may not be suitable for them.

Moderate Learning Difficulties (MLD)

Students with MLD receive additional support under special education needs (SEN) provision.

Modern Foreign Language (MFL)

A subject which forms part of the National Curriculum at Key Stages 3 and 4 in England.

Money purchase pension

A form of pension where your final pension depends on stock market performance. All personal pension plans operate in this way.


A type of secured loan usually taken out to buy property. If you do not keep up the mortgage repayments the mortgage company can repossess your house.

Motor insurance

There are two types of motor insurance. Third party insurance is the minimum insurance cover required if you drive a car on public roads. A comprehensive car policy covers your car and others for any accidental damage.

My Money

A pfeg project working in primary and secondary aged children, funded by the government, which ran from 2008-11

My Money Week

pfeg's national, themed activity week which brings money management to life in primary and secondary schools in England in the summer term

National Curriculum (NC )

The national curriculum is a set of subjects and standards used by primary and secondary schools in England so children learn the same things. It covers what subjects are taught and the standards children should reach in each subject. Other types of school like academies and private schools don’t have to follow the national curriculum. Academies must teach a broad and balanced curriculum including English, mathematics and science.

National insurance

A government deduction from your wages used to pay for benefits that you might need to claim; like incapacity benefit, and your state pension when you retire. A plastic card with your NI code is sent to all just before a 16th birthday. Employers and employees both pay contributions.

Negative equity

Having a mortgage which is larger than the value of your home.


Indicates a sum of money from which certain deductions have already been taken away eg tax.

Net income/pay

Your net income / pay is the total you earn in a week, month or year minus any deductions for tax and National Insurance.

Net interest

This is interest which has already had the tax taken off it.

Net profit

In a business - the gross profit less the overheads of the business measured over a particular time.

Net worth

The overall value of all assets minus all liabilities

Newly Qualified Teacher (NQT)

Teachers in England who have been qualified (QTS) for less than a year and undertake a statutory programme to ensure they are effective teachers.

Non-priority debts

Less important debts. The people you owe the money to can take you to court to recover the debts but cannot take any other action (such as cutting off a service or repossessing your home). They are likely to accept reasonable repayments.


The time you must wait to get your money after telling your bank or building society that you want to take it out. If you don't wait this time you may be penalised by, for example, losing interest.


National Vocational Qualification. Work-based awards that are achieved through assessment and training. NVQs are based on national occupational standards. These standards are statements of performance that describe what competent people in a particular occupation are expected to be able to do. They are awarded at five levels from 1 to 5 which assess basic work through to senior management activities.


Your job, work or profession e.g. bricklayer, checkout operator, teacher.

Occupational pension

A pension from a scheme set up by an employer, for example, a Teacher's Pension. Employees have to join the scheme to be eligible and may have to make contributions towards it. The scheme may pay a fraction of the final salary as a pension (calculated using the number of years worked) or build up a cash fund used to buy an annuity. An annuity is a special type of investment which can pay out a regular sum over the lifetime of the owner.

Offset mortgage

Is a type of mortgage where all the money from a persons bank accounts is set against the balance/loan owed, hence reducing payments.


The Office of Qualifications and Examinations Regulations. The Government's regulator of qualifications.


The Office For Standards in Education inspect and regulate services which care for and provide education for children of all ages. In schools Inspection focus on areas including: outcomes for learners; quality of teaching, learning and assessment; quality of leadership and management.


If you spend more money than you have in your current account you will go overdrawn. You can ask the bank to lend you some money for a short time at an agreed rate of interest , known as an arranged overdraft. If you go overdrawn without asking the bank in advance, they might refuse to pay your debits and charge you a high interest rate on the money that you owe them.


The costs of running a business, such as rent, office help, utility bills, advertising and distributing your goods and services.

P Scales

Are levels for recording SEN pupils achievement when they are working towards National Curriculum level 1 in all subjects.


This is a document that an employer has to provide when you leave a job so that the right amount of tax can be deducted from your earnings.


This is a summary of your pay and the tax that's been deducted in the tax year. Your employer should give you a P60 to keep as a record at the end of every tax year.

Paid employment

Work that receives a financial payment.

Pay period

The year is divided into equal pay periods starting from early April (which is also start of the tax year). If you are paid monthly, there are 12 pay periods; if weekly, 52.


Pay As You Earn; when tax is collected from an employer before the individual is paid their salary/wages.


The person the money is being paid to when you write out a cheque.

Paying-in slip

A paying-in slip is a bank form that needs to be completed when you pay cash or cheques into your account. Your bank or building society may give you a paying-in slip book, or some forms at the back of a chequebook or individual forms can be accessed at the bank.


Money you pay out, for example, on materials you need for your business, interest on loans, money for services such as gas and electricity.


The 'how' of teaching. Teaching is a skilled job, but different teachers have different styles of teaching. Effective teaching involves being able to match the style of teaching to the needs of the learner.


An income paid out after someone retires. The government gives tax relief on money paid into a scheme designed to provide a pension. A pension is a ‘locked box’ form of savings because you cannot spend any money in the fund until you have reached a minimum age (often 50). You can often take part of the proceeds as a cash lump sum but the rest must be taken as income. There are different types of pension schemes; occupational, stakeholder, state and personal.

Pension credit

A regular income provided by the Government as an additional benefit to support pensioners.

Pension deduction

Payments into a pension scheme will be taken automatically from your pay, if you pay into a pension scheme which is arranged by your employer. This will show up on your payslip as 'pension deductions'.

Per annum

Each year.

Performance tables

Published annual results of pupils' performance in national tests for schools and colleges in England.


In insurance, an event that causes financial loss

Personal finance

An individual’s financial affairs, including decisions about choosing products and services, savings and investments, spending and borrowing money.

Personal loan

Loans that you can use to pay for whatever you want (subject to certain restrictions).

Personal pension

A pension plan, not tied to a particular employment, that you can keep going even if you change job. You might have set up the plan yourself direct with a pension provider or it could have been arranged through your workplace. Some personal pensions are Stakeholder schemes.

Personalised learning

Attention is paid to every pupils learning styles and needs.

Phone service packages

Most phone companies offer different phone service packages to suit individual customers’ needs, such as different rates for national and international and free evening calls.

Physical and Severe Learning Difficulties (PSLD)

Pupils with PSLD receive additional support under special education needs (SEN) provision in mainstream or special school.


Personal Identification Number; a four-digit security number used with cash machine, credit cards and debit cards. It is like an electronic signature that stops anyone else using your account.


Public LimitedCompany; when a company sells its shares on the open market. The shares can be owned by the general public and bought and sold through the Stock Exchange.


Part of a lesson, usually at the end, where the teacher reviews learning that has taken place during the leson, often through questioning or looking together at some of the pupils' work.


Profound and Multiple Learning Difficulties - pupils usually require total physical care from others and attend a special school.


Another word for plan or cover. For example when you take out an insurance policy, you receive a contract from the insurance company telling you what you are covered for, and how much money the company is prepared to pay out.

Policy agreement

This sets out everything that is agreed between you and the insurer. It will list everything that is covered as well as what is excluded. Read it carefully before buying the insurance.


Programme of Study - sets out what will be taught in each subject at each key stage in schools.


The amount you have to pay to buy the insurance.

Principal sum

The original amount of debt taken out

Priority debts

Debts which are more important than others because the law lets the people, you owe the money to, take serious action against you if you do not pay. Priority debts include things like a mortgage because your home could be repossessed if you do not keep up your mortgage repayments.


A estimate of how likely something is to occur.

Profit and loss

In a business, you make a profit if you sell goods or services for more than your costs. You make a loss if the proceeds are less than your costs.

Progressive taxation

Taxation which increases as your income goes up, such as income tax.

PSHE education

Personal, social, health and economic education (sometimes refered to as PSHEe) - a non-statutory part of the National Curriculum with some compulsory aspects. It is a programme to support pupils to develop fully as individuals, as members of families, social and economic communities. It aims to equip pupils with knowledge, understanding, attitudes and practical skills to live healthily, safely, productively and responsibly.

Public limited company (plc)

A limited company owned by shareholders, who can be members of the public.


Qualified Teacher Status is required by most schools to teach in England and Wales. Teaching is a graduate occupation and QTS can be gained in a variety of ways, including: a specific teaching degree, a postgratuate certificate and postgratuate training in a schools. QTS may not be required in Free Schools or indepentant schools.

Quarterly statements

Statements are written records of how much money you have in your account. The bank sends them to you automatically. A quarterly statement comes every 3 months.


RAISEonline provides annual analysis of school and pupil performance data; used for school self-assessment and target setting purposes.


Money coming in, for example, from selling goods and services or taking out a loan.


A recession is a fall in a country’s growth (and income) over several consecutive months (3 months in the UK).


Money paid to the owner of a property where you are living.

Repayment loan

A loan where you pay off a mixture of capital and interest each month.

Repayment mortgage

A repayment mortgage is a property loan, where regular payments pay off both the interest and a proportion of the original loan.


The sums of money you pay back weekly or monthly on your loan or credit.


When a mortgage lender takes back ownership of a property when a borrower is unable to afford their mortgage repayments.


The period in a person’s life when they stop working and start receiving a pension. To receive a state pension you must be at about 65 years old. Those with a private pension may be able to retire earlier if their pension fund is large enough.


Your return is the amount you get back when you invest money. A general rule is that the higher the return the more risky the investment.


Entitles a tenant to buy a property.


The protection that is given to you by law; for example, you have a right to compensation if your bank goes bust and you lose money.


Another name for chance or uncertainty. Types of risk include capital risk (your savings or investment fall in value), interest rate risk (the interest rate you agree to may not be good value in the future) and inflation risk (price levels will rise so the buying power of your savings or investments will fall). Shares and share-based investments (unit trusts) are considered higher risk because the value of your investment can fall (capital risk) but growth of these investments can outstrip inflation over medium/long-term.


Retail Price Index is a measure of the changing price of everyday items over time. This measure is taken as evidence of the rate of inflation.


Recommended Retail Price; the suggested price for goods in shops as set by the manufacturer.


Registered Social Landlord. A landlord registered with a Housing Corporation and providing social housing on a non-profit basis.


An amount of money paid to an employee for a job, usually paid directly into his or her bank account every month.


Any money you put aside for future use. This may be in a deposit account or under your bed.

Savings accounts

Savings are often kept in bank, building society or National Savings accounts. The amount you put in does not fall in value but may grow as interest is added.

School Development Plan (SDP)

Sets out what a school wishes to achieve within a time limit. Budgets will normally be arranged in line with the SDP

Secured loan

A secured loan means that the loan amount is being borrowed against the cost of something you own, for example, some homeowners borrow money against their houses. This way the lender can be sure that if you can’t make the repayments they’ll get their money back by reposessing the house.


Self-assessment means completing your own tax return.

Severe Learning Difficulties (SLD)

Pupils with SLD receive additional support under SEN provision, usually attending a special school. Their needs will be highly complex.


People who invest money in a company by buying shares of it, hence owning part of it.


An investment which makes you part-owner of a company, along with all the other shareholders. Some shares pay you an income (called dividends) regularly. With all shares you accept a capital risk, meaning if the share price rises, you will make a profit when you sell, but if the share price falls, you will make a loss.

Shariah banking

A way of banking following Islamic laws about money, such as profit and loss is to be shared, interest is not given or taken.


A signatory is a person who signs a document. For instance, if you are making an application and sign a form, you are the signatory.

Small print

A product's terms and conditions typically written in small letters and should be read carefully.

SMART targets

Specific, Measurable, Achievable, Realistic and Time-related targets.


Successive education acts state the school must make provision to ensure that there is Spiritual, Moral, Social and Cultural development of pupils and society.

Sole trader

An individual who runs their own business without any employees and without limited company status.

Sort code

A six-digit number (found on cheques, credit cards etc) that identifies the branch of a bank or building society .

Special Educational Needs (SEN)

Provision to support pupils with learning disabilities either through mainstream or specialised schools.

Stakeholder pension

A type of pension scheme designed to be good value for money by having low charges, flexible payments. Usually it means a personal pension that meets these conditions, but some types of occupational scheme can also be Stakeholder schemes.

Stamp duty land tax

A tax payable by the purchaser of a property; the amount payable is calculated as a percentage of the total purchase price.

Standard of living

The quality of life enjoyed by an individual or household.

Standing order

A method of paying regular amounts from your bank account automatically. You instruct your bank to pay the money to a particular person or company. It's your responsibility to change the payment if it needs to alter.

State pension

A pension paid to you when you retire by the government. The amount you get will depend on your National Insurance record (or that of your partner).


A document from the bank or building society which shows all your recent payments into and withdrawals from your account. You should check it with your own records.

Statutory sick pay (SSP)

SSP is the minimum amount employers must pay any employees unable to attend work due to illness.

Stock market

Where stocks and shares are bought and sold.

Store cards

Store cards are like credit cards, but are available from shops rather than banks. They can only be used to buy things at particular shops. Anything you spend on your store card is borrowed money. If you do not pay off the full amount each month you will start paying interest on it.

Student loans company (SLC)

Lends money to higher education students to enable them to meet expenses. Owned by the UK government.

Take home pay

Your actual monthly salary after deductions such as income tax and national insurance contributions (ie net pay).


A fee charged by a government on a product (VAT), income (income tax), or activity (road tax) to finance government expenditure on public goods and services, such as the police, the NHS, street lighting or street cleaning.

Tax allowance

A tax allowance is the amount of money you can earn before paying income tax.

Tax code

This code tells your employer how much tax-free pay to give you each time you are paid. Your tax code is worked out from your tax allowances and other tax adjustments.

Tax credits

Means-tested allowances. There are working tax credits (WTC) and child tax credits (CTC).

Tax this period

Shown on a payslip - how much income tax you have to pay this pay period. It is worked out from tables using your tax code.

Tax year

A 12 month period running from 6th April one year to 5th April the next year. Taxes, such as income tax, are worked out over this period.

Taxation (local)

You may pay local taxes such as council tax. This money is used to pay for local services such as libraries and the police.

Taxation (national)

You are taxed in a variety of ways; for example, by paying income tax on your wages, by paying VAT when you buy certain goods, by paying the road fund licence for a car. These taxes are used to finance services such as the National Health Service, Armed Forces and education which are of benefit to everyone.


Training and Development Agency - a Government body with overall responsibility for teacher training and continuing professional development in England. This agency takes a decision each year about the amount of teachers that the country needs and issues places to providers to meet the need.

Teaching Schools

Schools which have been given the remit to train teachers. They have been set up in a similar way to teaching hospitals


Someone who rents where they live.


The time for which something lasts e.g. how long you have to pay back a loan.

Term accounts

Savings account that lasts for a set period (such as two years). You may not be able to take your money out early.

Term of the loan

Generally the longer the period you borrow the money on a loan, the lower the interest rate (but this will still add up over the time that you’re paying the money back).

Third party insurance

Third party insurance means that your insurance company will pay out if you accidentally cause damage to another person or their car. Adding in ‘fire and theft’ means that your car is covered should it be stolen or damaged by fire.

Total deductions

On a payslip - this is the total amount that will be taken from your gross pay. What is left after this is your take-home pay.


A transaction is any payment in or out of a bank account.

Travel insurance

When you travel abroad you may want to take out travel insurance. Many countries will not treat you if you have an accident or fall ill unless you can pay the possibly expensive medical bills. Some travel insurance policies will cover such events as the cost of flying you home early, reimbursement for lost luggage or cancelled flights etc.

Travellers’ cheques

Special cheques that can be used abroad and are a safe way to carry money overseas.

University Technical Colleges

One type of academy, usually for students aged 14 to 19 and specialising on work related learning

Unpaid work

An activity that contributes to the wellbeing of people where a salary is not paid; for example, housework.

Unsecured loan

A loan that does not use anything you own as security. Hence if you do not keep up with payments your possessions are not immediately at risk, but you can be taken to court and your credit rating can be adversely affected.


Utilities are services such as gas, electricity and water.

Utility bills

Bills with charges for electricity, water, gas and telephone.


Value Added Tax. A tax paid by the consumer for goods and services.

Virtual Learning Environment (VLE)

An education system based on the web which allows access to lesson content, assessments, and other tools.

Voluntary excess

You can get a reduction in your insurance premium if you agree to pay the first part of every insurance claim yourself. The insurer will then pay for anything more than this.

Welsh Baccalaureate

WBQ is a ‘wrap-around’ qualification for young people attending schools and colleges in Wales. In order for the WBQ to be awarded students must complete four challenges - including one based around enterprise and employability - alongside a range of appropriate academic and/or vocational optional qualifications.

What Money Means

A pfeg project which ran in primary schools from 2007-12


A legal document showing how a person’s assets are to be distributed and to whom after death.

Winter fuel payment

A benefit which helps the elderly with heating bills


Money taken out of your account.

Work related learning (WRL)

The label often given to teaching and learning designed to introduce learners to the working environment. It may include an element of work experience and enterprise education.

Work shadowing

A form of work experience where you follow someone doing their job to learn more about it.


A vehicle damaged beyond repair that insurers pay a mutually agreed value.


Working Tax Credit; a mean-tested tax benefit designed to encourage people into employment by providing financial help for those on low incomes.


The income from an investment, usually shown as a percentage of its current market price.