Schoolchildren in East Yorkshire with ‘little or no’ money management skills received online training

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With almost nine in ten (88%) of 11-18 year olds in the Yorkshire and Humber region having limited knowledge of money management, and 12% of them admitting to knowing nothing at all about the subject , Yorkshire Building Society (YBS) hopes to redress the balance with a new online training tool.

YBS research found that less than a third of secondary school students surveyed learned about finance in the classroom, despite it being part of the curriculum across the UK. The Company launched its new online financial education platform Money Minds, which aims to reach 55,000 children and young people aged 11 to 18 this year.

In a bid to help more pupils learn about finance earlier in life, YBS is calling on the English government to include financial education in the national curriculum for primary school children to reflect what is already done in Northern Ireland, Scotland and Wales. Kim Eldridge, Branch Manager at YBS in Beverley, said: “We know that learning to manage finances effectively is a vital life skill.

Read more: 81% of children fear that their family does not have enough money

“Our research has shown that too many children in Yorkshire and the Humber have limited knowledge about money management and financial issues. We really want to involve teachers, children and young people in Hull and Beverley to improve financial education We have developed Money Minds Online as part of our goal to help real life happen.

“We are committed to helping build the financial well-being of our communities and believe that starts with laying the right foundation for our youth to understand money, finance and careers. Ultimately, we want to improve financial capability in Yorkshire and the Humber. »

The Money Minds online platform is free and was developed with instructional design specialists, teachers and students. It offers a diverse range of media, ranging from games, videos and animations to engage students from Key Stages 3-5, as well as lesson plans and teaching materials available for teachers to download, as well as materials for parents and guardians on a variety of topics so they can help students learn at home.

In addition to financial education, the site also offers lessons in career development skills such as resume writing and interview techniques to help prepare older children and young people for employment. This is part of the Company’s commitment to invest £1.8m over two years (2021/22) to support skills, jobs, financial literacy and wellbeing.

In addition to Money Minds Online, Money Minds lessons for primary school children aged 5-11 can be delivered in schools by YBS colleagues as part of their corporate volunteering program, which annually allocates each employee 31 hours of paid leave to volunteer in local communities. Topics range from saving money for five- to seven-year-olds, planning a party to building budgeting skills for eight- to 11-year-olds, to calculating interest and responsibilities to repay older children’s loans.

Since the company launched Money Minds in 2015, over 35,000 children in the UK have benefited from a lesson. More information about Money Minds can be found at ybsmoneyminds.co.uk

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