1. Breaking Down Barriers Through Financial Education Presentation by Russell Winnard, Head of Programme & Services

2. Our vision is of a society in which all young people have the skills, knowledge and confidence to manage their money well, now and in the future

3. Why the need?

4. 63% of children get their first mobile phone before the age of 11 Online research by YouGov for the British Bankers' Association (BBA) and financial education charity pfeg amongst 554 young poeple in 2013

5. Young people estimate that they will be earning £56,500 by the age of 35 Source: RBS Group, Moneysense Research Panel Final Report, 2013

6. …and some of the challenges financial education seeks to address

7. 1.87 million UK adults do not have a bank account Financial Inclusion Annual Monitoring Report 2014

8. The full time gender pay gap is 10%, and the average part-time pay gap is 34.5% EHRC (2011) Gender pay gaps

9. Approximately 700,000 people in the UK are on zero hours contracts Low Pay Commission

10. A financially inclusive society would… manage day-to-day financial transactions (eg, through appropriate bank accounts) meet one-off expenses (both predictable expenses through savings, and unpredictable expenses also through savings and/or appropriate credit and insurance products) manage a loss of earned income (eg, through savings, including pension savings) avoid/reduce problem debt

11. What is financial capability?

12. What is Financial Capability? A financially capable person has the knowledge, skills and confidence to manage their money well and to make informed choices about money matters –Knowledge- understanding financial services and products to make informed choices –Skills- thinking ahead about financial needs, learning to plan and budget and match to actual spending –Attitudes- taking responsibility for financial decisions

13. Planning Framework The planning frameworks highlight the skills, knowledge and attitudes in financial matters relevant to different ages of young people from 4 to 19.

14. Financial Education Planning Framework for 3-11 years

15. Financial education in practice

16. Cross- curricular Maths History Science Geography Drama Literacy Enterprise PSHE Where in the curriculum? Citizenship

17. Before

18. Afterwards..

19. What difference does financial education make?

20. Academic evidence Adults who received financial education in school are more likely to save and plan for retirement and to accumulate greater wealth. Adults are more likely to manage day to day money better, e.g. paying their credit cards on time, living within their means, completing income tax returns and to perceive they have sufficient savings and investments. Attitudes to money are formed by the age of 7 years old, meaning that parents, early years' carers and teachers can positively shape financial behaviour.

21. Anecdotal Evidence Young people want to learn about money and money management There tends not to be a right or wrong answer to financial education thereby it facilitates discussion and reasoning skills Developing appropriate financial attitudes can lead to increased aspiration and motivation Financial education in the classroom can extend into the family home Developing financial capability is not dependant upon academic ability

22. Support in developing financial education

23. Other pfeg support ASK@pfeg.org 0300 6660 127