Teenage students will receive financial education in schools with the help of an interactive CD Rom package financed by a life insurer and developed by teachers.
The government has said financial education or ‘financial capability’ will be introduced onto the school curriculum in 2007 - see previous IFAonline story: Financial education to join school curriculum in 2007 - so interactive tools have been developed to inform 13-16 year-old students about the key elements they need to know in the future when it comes to managing their own finances.
Prudential has financed the package, which is entitled Adding up to a Lifetime and is being sent free to all ‘maintained’ schools and those who are listed as part of the Specialist Schools and Academies Trust – accounting for 80% of all secondary schools in the UK.
Its contents provides information on, among other things, the setting up of a bank account, costs and planning required for backpacking, applying for credit and a mortgage, the need for general savings, preparing financially for a family and as well as saving for retirement under the heading of five key stages of a person’s life:
- Life as a student;
- Working life;
- New life, and
- Active retirement.
The gathering and design of information has been formulated by teachers and Prudential as part of the Personal Financial Education Group – a charity created by an industry consensus to help educate school-age students about personal finance – to offer 25 hours of education within subjects such as personal and social education, maths, business and work-related learning, and as a flexible series of whole day five-hour sessions or as full days.
Much of the content is displayed alongside case studies of four fictional characters aged 14 – Prima, Daniel, Holly and Matt – who each have different life goals and financial priorities, along with graphics displaying the different circumstances and notepad displaying the financial implications of each action.
The project has been launched with the support of Ed Balls, economic secretary to the Treasury, PFEG, as well as the SSA Trust.
A similar initiative was launched by the Sesame and Prudential in 2005 entitled Money money money offering teachers and students a package of financial information on key financial stages, including an easy-to-read booklet and a website - www.thatmoneybook.co.uk - with downloadable classroom plenary notes and links to additional web tools on finance.
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