1. The case for finance education in ITT
This presentation is designed to highlight the need for financial education and why it is important to include it within ITT programmes. This can be used in conjunction with a longer session entitled ‘Learning About Money in the Primary Classroom’
pfeg is the UK’s leading financial education charity and with the financial support of the HSBC bank worked with LA’s; schools and ITT providers to explore a wide range of opportunities for financial education in the primary classroom through the What Money Means Project.
Creating primary teachers skilled and confident to teach financial capability

2. Why teach about money?
pfeg’s work has shown that primary schools are really keen to teach about money, they can see the benefits of developing sound financial skills, knowledge and attitudes with their pupils and how it can add considerable value to teaching and learning across the curriculum.
Key aspects of the work carried out between 2007 and 2013 has been documented in a number of resources:
What Money Means in Action DVD –
Which shows what financial education might look like in a primary classroom
Learning About Money in the Primary Classroom resource suite – (
A useful resource for teachers and trainees which provides stimulus ideas for introducing financial education in to the classroom across the age range, in a range of subjects and specific themes. Alongside the main booklet it also contains:
Learning About Money Primary Assessment Ideas – it contains a range of teacher-led assessment ideas for financial education and examples of pupils work.
Learning About Money Primary Planning Framework – this provides a coherent and progressive framework to help teachers plan for teaching and learning in the classroom.
Initial Teacher Training Toolkit –
A dynamic website of resources designed for those working with ITT trainees.

3. Because evidence suggests…
spending starts early!
financial skills are lacking
debt is mounting
we should!
There are a number of reasons why teaching about money is important – many have been highlighted by national and global economic problems.
Because spending starts early!
Children have money to spend from an early age and technology means spending habits and methods are changing rapidly
On average children in the UK get their first mobile phone at 8 years old
By the age of 10 children are beginning to purchase items online
£6.32 is the average weekly pocket money
1 in 5 children have used a card to purchase items online
Because financial skills are lacking
Many people don’t have the necessary skills and knowledge to manage their money effectively and attitudes to consumer spending mean many don’t understand the true implications or consequences of their spending choices
66% of people in the UK say they don’t have the right skills to properly manage their money
51% of teenagers said they would like to learn how to control their spending
26% of teenagers think that overdrafts are for ‘overspending’
Need some more stats here about skills?
Because debt is mounting
Lack of financial skills may not be the only reason individual debt is mounting, but precarious financial situations are often made worse by the inability to understand and manage financial situation effectively.
£54,017 was the average household debt (including mortgages) in February 2013
£166m was the daily amount of interest paid on personal debt in February 2013
£10.92m of loans are written-off daily by UK Banks and Building Societies
every 17 min 7 sec a property is repossessed
every 5 min 12 sec someone will be declared insolvent or bankrupt
£1.373 billion was the daily value of all plastic card purchases made in January 2013
Figures from Credit Action: Visit there website for current figures.
Because we should
Research shows that there is support for financial education to be taught in school
94.2% of all schools say personal finance education should be taught
79% of parents surveyed said that their children should learn about money as part of their schooling
66% of year olds were worried about being in debt and think they should learn about controlling money as part of what they do in school

4. Because it adds value to ITT
it enriches:
Roehampton University Ofsted Report
A key strength: a course which enables trainees to benefit from a wide range of enrichment opportunities.
it extends opportunity:
Edge Hill University Ofsted Report
Feedback to the course leader for primary undergraduates (having seen trainees in action) specifically mentioned the additional opportunities offered to trainees through this work.
For two universities working with pfeg their work around financial education was acknowledged and commented on positively during Ofsted inspections.
Inspections showed that financial education opportunities in training enriched and added value to provision for trainees.
Quote from Roehampton University Ofsted Report 2011
‘...The university responds very well to national and local initiatives. Centre-based trainers maintain valuable links with professional groups and these often translate into interesting and enriching experiences for the trainees such as the recent work on personal financial management’
Quote from Edge Hill University Primary Programme Head 2011
‘... Ofsted were bowled over by the partnership we have with pfeg and the experiences and the additional opportunities it has offered to our students…’

5. Why financial education is important…
Hear from other tutors and trainees why they decided that teaching financial education is so important:
Tutor views on financial education:
Student views on financial education:
If you have time it is good to use the clips suggested as it can illustrate clearly why tutors and trainees thought financial education was worthwhile and now see it as important and part of their role as a teacher.
Link to films on youtube:
Tutor views on financial education:
Student views on financial education:

6. Why involve ITT providers?
pfeg’s experience working with teachers in schools indicated that they were highly enthusiastic about teaching about money, and how it can add value to children’s learning, particularly in Maths and PSHE, but also in enriching subjects such as literacy, history and geography.
For children using the context of money can be highly motivating and offers real-life situations in which to make use of skills and knowledge they learn in the classroom.
Despite this enthusiasm, few teachers had been given the opportunity to look at financial education during their training.
Recent economic events have raised awareness about financial capability and this has been reflected in this has been reflected in the curriculum with money and financial contexts now being included within Mathematics and PSHE.

7. Because it makes a difference…
it’s preparation for life
‘early adopters’ become powerful advocates
it changes opinions
it could be the USP your students need!
…now see this in action! Hear what other trainers and trainees have to say about the importance of teaching about money:
University of Reading case study:
University of Hull case study:
Preparation for life:
Developing the financial capability of children is an important part of a curriculum that ‘prepares all pupils for the opportunities, responsibilities and experiences of life.’
Early adopters :
Trainees involved in learning to teach about money are very positive about how it can engage children with a range of learning opportunities and they can carry this enthusiasm into the schools they work with through teaching experience thus spreading the word.
90% now feel confident or very confident about teaching financial education
79% felt that the work they had done on finance education had made a significant impact on children’s learning
73% moved from being indifferent about teaching financial education to being enthusiastic/very enthusiastic
It changes opinions:
Often tutors, trainees and teachers have not even thought about teaching about money …
What tutors have said:
‘What Money Means has inspired and motivated our primary PGCE students across the age phases and it has given them ideas for engaging children with effective and innovative teaching and learning strategies.’
Tess Willy, Primary Programme Convenor, Roehampton University
‘The way the trainees have developed project work on personal finance education has been outstanding.’
Greg Parker, Assistant Head of Primary and Early Years Education, Edge Hill College
‘This has added a dimension to our degree which is current, important and valuable’
What trainees have said:
Before a seminar on financial education:‘When I heard mention of money I thought I had walked into the wrong lecture’!
‘What has money got to do with me, I am about to teach nursery children’…
‘Isn’t teaching about money a parental responsibility’?
‘Since becoming a student I have just about managed my own money; who am I to teach others’.
After a seminar on financial education:
‘This is a really good example of how to make things relevant to children’
‘This work has allowed me to recognise the importance of personal finance education even in the early years’
‘Finally a lecture about providing some real-life relevance to our lessons!’
‘I believe that teaching financial education is extremely important – children need to be able to plan their futures’
What pupils have said: ‘It’s the best thing we have ever done in school’ – Yr 6 pupil
‘My mum was telling the truth!’ – Yr 3 pupil about a needs and wants activity
The USP!
Institutions who have already introduced finance education recognised it as a unique selling point for both the institution and the students as they applied for their first teaching job.
Click on links in slide to show examples of this work in action.