1. Saving For The Future
An Educational proposal by Jack, Mark, Ross, Ryan and Jake
Business Dept. COGC

2. Why you should Save
Savings can provide people with financial security since they have a source of money if they need extra money, An Emergency Fund can even be created.
Savings are useful since they can be used to put towards a house, car or any other prospect by an individual.
Savings can also help to pay off debt which can decrease liabilities.
Moreover,
Savings can give people money to invest which could provide a healthier return as opposed to a bank.
Savings can help to improve the quality of life.

3. But why?
Lets be realistic, in an ideal world young people would be as invested – if you’ll pardon the pun – in "Investing" as an adult would.
But we’re being realistic, Investing is just not a particularly hot topic with young people.
In their defence, the whole world is constantly shifting.
With political issues like “Brexit”, Socio-cultural shake- ups and changing state aid and the unknown future, how exactly do we better prepare young people to start thinking about finances from a young age?

4. When you should Save
People can budget at any age to set aside money each month to achieve a financial goal, including young people.
Children can start saving at any age.
In 2015, kid’s pocket money for those in Scotland was averaged at £7.27 Per Week!
That saved for a month is just under £30.
Adults should think about saving for their child at some point before or after their birth.
Whether it’s to purchase assets such as a house or car or pay off education fees it’s a good thing our parents start to set us up.

5. The Main reasons for saving
Family
Medical
Emergencies
Car
Home
Job loss
Education

6. How to Save What Kids & Young People can do?
Children can start saving by having a piggy bank, ISA or being involved with bonds [set up by a parent/guardian].
Be familiar with money and it’s value.
Earn money at a suitable age.
What Adults can do to support them?
Look for deals to save money.
Set goals with money.
Use tools such as smart saving from banks.
Reduce monthly/annual expenses.
Save a % of income each month.

7. So how are we going to encourage Young People to save?
Excellent Question, but there are a number of answers and solutions to this.
Young people have a sort of anxiety regarding things they don’t know or understand. From mathematic equation to chemical formula.
Banking and Saving is no different.
We don’t recall ever being taught in an educational establishment the importance of saving.
Which is why we need to be taught these things during our Primary and Secondary Education.
Don’t get me wrong as much as I loved differential equations, learning how to open a bank account and save sensibly would be just as if not more valuable to our everyday lives.

8. Our proposal
We want to introduce a Short Monetary Course in schools/colleges that will give young people the education on managing savings, paying taxes/bills and budgeting.
Fortunately parents and educators have access to a Barclays LifeSkills – a fantastic online resource that offers advice to parents, educators and most importantly young people on the skills they’ll need for life in the 21st century.

9. Barclays LifeSkills Workshops
Barclays use charity partners across the UK to deliver lessons in the secondary schools and college with students that need it most.
Volunteers from Barclays support these sessions wherever possible to add real-world examples.
They offer everything from employability skills to managing financial security.

10. Social Media
Around 97% young people on average use social media platforms.
Information such as advice and tips can reach a massive audience which will also engage young people simultaneously.

11. Additionally
All major Banks and Building Societies have apps available for use on smart devices.
They offer free advice on saving.
In 2017, 95% of respondents aged between 16 and 24 reported owning a smartphone.
It doesn’t take an accountant to put 2 and 2 together to work out this is a good way to get the youth of today interested in investing.

12. In a Nutshell
Young people need to be taught how to save from a young age and most beneficially in a school or learning environment.
Barclays LifeSkills is a key example of this
Young People can best be engaged via:
Social Media Platforms
Apps from Smart Devices
Furthermore:
Parents/Guardians can help reinforce the importance of saving.
Young people can learn about the importance of saving for the future by being engaged on their level as outlined above.

13. Sources – all accessed Jan 2019
explained/how-much-pocket-money-other-people-give-their-kids/
the-united-kingdom-uk-by-age/

14. Thank you for your time