Understanding and managing our money is an important aspect of wellbeing. Research shows that by the age of seven children are aware of the impact of money in their lives. Teaching children about personal finance and to respect and manage money helps them to become financially capable and better able to meet the increasingly complex financial challenges that await them in the wider world. The ability to make financial decisions is a major aspect of identifying and making the best use of opportunities in today’s changing world. Many of the least well-off in society are financially excluded, i.e. they have no access to financial products and services. Problems also arise when people fail to manage their money and can lead them into a downward spiral of debt from which it is difficult to escape. Helping all children to become critically aware of the benefits and uses of appropriate services, and of ways of managing money and debt, are important steps towards achieving financial inclusion for all. This work lends itself well to a practical approach, perhaps linking it with numeracy.
As part of the requirement for schools to provide Spiritual, Moral, Social and Cultural development, they have to demonstrate how they promote British Values and address life in modern Britain. This unit contributes to these agendas, alongside other themes within the Personal Development Programme and within the school’s ethos and approach to a range of areas of school life.