Kickstart Money, a pioneering financial education programme specially designed for children of primary school age, has been found to be effective in an independent evaluation report. The report was launched at a special Kickstart Money session held in the Houses of Parliament, giving MPs and Peers the chance to see the programme first hand.
The report found that three months after attending the programme, 70% of pupils were working towards a saving goal. The young people surveyed strongly agreed that ‘how they think about and treat money now will make a difference to their future’ and teachers reported that 87% of their pupils now understand that their financial decisions have consequences.
Kickstart Money sessions cover everything from understanding the value of money and deals to needs vs. wants and saving. It is a uniquely collaborative programme, funded by 20 leading financial services firms, brought together by the Tax Incentivised Savings Association (TISA) and delivered by the charity MyBnk. The initiative is part of a mission to demonstrate the advantages of including financial education on the primary curriculum if we are to change savings habits for a generation. It aims to reach 18,000 children over 3 years across the UK, with over 5,000 young people already having got involved.
Research by the Money Advice Service (MAS) has found that early intervention is key and that behavioural attitudes to money are formed by the age of seven. Only one third of parents talk to their children about money, and there is a significant lack of financial education provision in schools for children in the UK. After Kickstart sessions, an astounding 96% of Key Stage Two teachers believed their pupils understood the benefits associated with saving. Its ability to change attitudes towards money, spending and saving is proven with one pupil reporting that when he now went shopping with his sister he thinks ‘do I really need this?’ and ‘can’t I save my money for something else more important’.
To mark the launch of the independent report findings and grow awareness of the initiative with Politicians, Kickstart Money are holding a special session in the Houses of Parliament on 28th June 2018.
Jane Goodland, responsible business director of Quilter, and KickStart Money lead said: “We’re delighted that the Kickstart Money programme has been independently judged as being effective. Based on this success, we reiterate our call that the Government should put financial education on the national primary curriculum. Politicians may believe that being competent with numbers equates to being good with money. While basic numeracy skills are helpful for budgeting and saving, many of our financial habits are in fact motivated by our attitudes and behaviours learned at a young age, and not by our ability to do complex maths.”