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Money talks: The importance of financial education

Double the number of 18-24-year-olds have needed help managing their money since 2019.


The cost of living crisis has affected everyone from business owners to schools, to the average household. With this in mind now is the time to start educating young people on finances and prepare them as well as possible for the future. Teaching children how to manage their finances in a fun and engaging way is a great way to encourage good habits.


Keeping pupils engaged in money talks is important, the topic will be daunting for children so make it fun by creating an activity around it. A great one to try would be the ’20 bean game’ in this game children are given 20 beans (or any small object) and a sheet with different financial scenarios that all cost a number of beans. Some of these are non-negotiable such as rent and food, but others the children can choose where to splurge and where to save. Once the children have categorised their spending, a wheel is spun with different scenarios that affect where the beans are being spent. This game is a great way of showing how life can affect budgeting, and how different spending choices have consequences.


There are also great resources available online designed with children in mind, BBC teach has a wonderful video series that easily breaks down different money management scenarios, from getting your first job to how influencers and friends can affect spending. These resources could be great to share with parents and guardians so that children receive financial education at home too.


Why not give your pupils a hands-on experience and involve them in decision-making? For example, your classroom needs new chairs and there are many different options on the market all at different price points and with unique features. Gather quotes from multiple brands and have children compare the cost of the product with its features and longevity. Does it come with a great warranty meaning the cost per use will be lower than the cheaper option? Allow the pupils to weigh up all the information and make a decision as to what option has the best long-term financial benefit, teaching them to research and make informed decisions before any big purchases.


If you are planning a classroom upgrade get in touch with a member of our team today on 0333 123 2424 or sales@spaceforme.co.uk


For more information on #MyMoneyWeek visit the Young Enterprise website.

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