UK Chancellor visits local Yorkshire primary school — The Centre for Financial Capability

UK Chancellor visits local Yorkshire primary school to watch children navigate critical financial decisions

25/03/22

Year 6 pupils were welcomed on Friday 25 March by a special visitor to their classroom at Alverton Community Primary School. Rt Hon Rishi Sunak, MP for Richmond Yorks, joined the class to witness the award-winning KickStart Money financial education programme, on behalf of The Centre for Financial Capability.

Mr Sunak witnessed first-hand how the KickStart Money programme, delivered by the financial education charity MyBnk, is working to build a national savings culture and improve the financial understanding of future generations. This programme helps children to understand why people save, how to set money goals and how having positive money habits now can help in the future.

The programme is funded by The Centre for Financial Capability, a charity backed by an award-winning coalition of 20 savings and investment firms who have donated over £1 million to fund the primary financial education to over 20,000 primary pupils across the UK. The Centre’s mission is to ensure every child in the UK develops the skills and behaviours necessary to navigate critical financial decisions in their life, starting from primary school.

Mr Sunak watched pupils get to grips with the importance of building positive money habits early in order to build stronger saving habits for later life, through learning about the importance of setting savings goals, having a bank account and understanding other key financial concepts such as interest rates and risks. Mr Sunak even gave the class a short introduction to the Treasury and explained his role as Chancellor of the Exchequer.

In recent years there has been a rapid decline in the UK’s savings culture. Research commissioned by The Centre last year showed only one fifth of primary school children have been taught how to look after their money. This is despite ground-breaking research by the Money and Pensions Service, showing money habits, that stick with children for life, are formed as early as age of 7. The Centre for Financial Capability believes every child should receive financial education to close the current gap in financial capability and ensure no child is left behind.

Rishi Sunak, MP for Richmond Yorks, said he was pleased to have seen the KickStart Money programme in action at Alverton Community Primary School. Rishi Sunak, MP for Richmond Yorks said:

“Money management is a vital life skill and every child in the UK should learn from an early age how basic finances work. It is essential that we prepare the next generation for adult life by equipping children and young people with the right tools to help build financial resilience for the future.

“Charities such as The Centre for Financial Capability, and their award-winning KickStart Money Programme, are crucial to improving financial capability across the UK. I look forward to hearing about future sessions taking place in Richmond and for other schools to sign up to this exciting and necessary initiative.”

Jane Goodland, Trustee of The Centre for Financial Capability said:

“It is fantastic to have the Chancellor visit a KickStart Money session and see his support for early intervention financial education.

“The Centre for Financial Capability is delighted to fund the KickStart Money programme which aims to educate children about money at the age when habits are first formed. Financial education at a primary level presents a real opportunity to level the playing field and build strong financial capability for every child, better preparing the next generation for future economic crises.

“Every child in the UK should be supported to navigate critical financial decisions in later life, starting at primary school and we call on the Government to take the lead and ensure every child in the UK is taught vital savings skills”.

Guy Rigden, CEO of My Bnk said: “We are delighted to have Rishi Sunak’s support for effective early intervention financial education. We believe that to properly manage your money, you need to start learning about it from an early age to make positive choices in the future. In partnership with The Centre for Financial Capability, MyBnk can continue to build positive money mindsets and habits from age 7.”