1. Economic Wellbeing and Financial Capability in the Curriculum Rotherham Primary Pshee Network Wednesday 3 March 2010 Kevin Oliver Email - Kevin.oliver@pfeg.org 07912717506

2. Aims of todays session … To provide an overview of Personal Finance Education within the new primary curriculum To look at new resources available through pfeg and the My Money project To begin to plan for My Money Week 2010

3. pfegs mission to ensure that all school leavers are equipped with the knowledge, confidence and skills in financial matters to allow them to participate fully in society

4. In a recent survey … of people find money the hardest thing to talk about with their partners? of all people, think an ISA is an i-pod accessory? of the 16-24 age group do not keep track of their finances? of partners lie about how much they spend on credit cards? of British teenagers worry about their money and spending habits? What percentage … 74 15 80 32 90 Source – www.creditaction.org.uk

5. 5 All children and young people have access to a planned and coherent programme of personal finance education so that they leave school with the skills and confidence to manage their money well. HM Treasury consultation paper on financial capability (January 2007) The Governments long-term aspiration:

6. Five desired outcomes: o being healthy o staying safe o enjoying and achieving o making a positive contribution o economic well-being Every Child Matters

7. 7 On average, every household owes just under £8k - Excluding mortgages! Twice as much as the rest of Europe Insolvencies are at the highest level since records began in 1960 3.9 million children live in poverty (1 in 3 in some areas of Rotherham 5.5 million children live in households that are struggling The average cost of raising a child to age 21 is £201,809! Source – LV annual survey published 23/02/10 London dearest at £220,769 Yorkshire & the Humber cheapest at £177,706 The National Social Context:

8. Adults 50% of the 18 – 34-year olds have up to £10,000 debts (excluding mortgages) The national average projected debt on graduation is £14,161. Nearly a third of adults would face financial disaster within two months if they lost their jobs 2,915 people reported they had become redundant every day during 3 months to end January 2009. Citizen Advice Bureaus deal with 7,241 new debt problems every day Source: www.creditaction.org.uk

9. 9 £5.80 per hour at age 22 At age 18 £4.83 per hour At age 16 £3.57 per hour At age 14 No minimum National Minimum Wage (from 1 October 09)

10. 10 The curriculum should enable all young people to become: Successful learners who enjoy learning, make progress and achieve Confident individuals who are able to live safe, healthy and fulfilling lives Responsible citizens who make a positive contribution to society New curriculum

11. The QCA Secondary Curriculum Review New guidelines for the teaching of Financial Capability(09/08) o Personal, Social, Health and Economic Education o Citizenship o Mathematics (and in functional Maths from 2010) Key underpinning skills Enterprise education Work related learning

12. 12 Financial Capability is the ability to manage ones finances and to become a confident, questioning and informed consumer of financial services - Guidance on financial capability in the secondary curriculum: key stage 3 and 4 (2008) What is financial capability?

13. Curriculum Guidance Financial knowledge and understanding Financial skills Appropriate Attitudes A planned and coherent programme of learning opportunities 13

14. 14 Final Report & Consultation complete New curriculum published January 2010 First teaching September 2011 6 Areas of Study – 6 Statutory Programmes of Study References to Managing Money are outlined in: - Mathematical understanding - Physical development, health and wellbeing The Rose Review & The New Primary Curriculum

15. Personal - budgeting, bank accounts, saving, credit and debt, shopping, choosing products, Civic - basic knowledge of taxation, why we pay them, how much, what its spent on, ethical issues, also what is the best way to give money to charities. Business - employment and self employment,jobs and salaries, making money, offering services and products, raising money What is financial capability? 15

16. FINANCIAL KNOWLEDGE AND UNDERSTANDING - helping young people to understand the concept of money FINANCIAL SKILLS AND COMPETENCE - day-to-day money management and planning for the future FINANCIAL RESPONSIBILITY - the wider impact of money and personal financial decisions, not only for an individuals future, but also at a greater, societal level Financial knowledge and understanding Financial skills and competence Financial responsibility The Three Strands 16

17. 17 Financial Understanding Understanding what money is and how it is exchanged Where our money comes from Where does it go? Spending on needs and wants Financial Competence Day-to-day money management – looking after our money How can we plan ahead for future spending? How to deal with money risks - and returns? Financial responsibility Making personal life choices and thinking about best value How our choices impact on others here and elsewhere Aspects of financial capability:

18. Children may be experiencing money very differently than we did at their age Economic Changes

19. Planning - Link topics within PSHE education Drugs Careers Sex education Healthy eating Decision making Enterprise Ethical and moral issues Personal finance creates a link between Personal Wellbeing and Economic Wellbeing. Its also useful for looking at risk Financial Capability As well as an important key process, financial capability has links to many areas of the PSHE education curriculum. 19

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21. The Spinning Lady Clockwise = Right brain – Subjective, random, intuitive, synthesising, holistic Anti-clockwise = Left brain _ Logical, rational, objective, sequential, analytical Schools tend to favour left brain modes of thinking! 21

22. LEFT BRAIN FUNCTIONS uses logic detail oriented facts rule words and language present and past maths and science can comprehend order/pattern perception knows object name reality based forms strategies practical safe 22 RIGHT BRAIN FUNCTIONS uses feeling "big picture" oriented imagination rules symbols and images present and future philosophy & religion can "get it" (i.e. meaning) believes appreciates spatial perception knows object function fantasy based presents possibilities impetuous

23. Four key projects Available free support Funded by DCSF ICAEW ATT PFS Rathbones Coventry Building Society

24. My Money A 3 Year initiative funded by the DCSF working with all Key Stages Building capacity for those working in LAs and in schools Providing materials, training and support for schools Building an ongoing activity week on an annual basis My Money Week 28 June to 2 July 2010 Developing Centres of Excellence

25. My Money Resources Guide to Child Trust Fund My Money Week Toolkits (Out by end March 10) Primary Toolkit Parents guide tbc On line games Other resources to follow All Resources are FREE All can be downloaded www.mymoneyonline.org

26. And dont forget ……. 28 th June to 4 th July 2010

27. My Money Week Assemblies Cross Curricular Classroom learning Whole school activities Guest speakers Local volunteers/outside agencies eg CAB, Credit Union Celebrity Challenges Involve parents My Money Week: Many Dimensions Y6 – 7 transition See mymoneyonline.org for 2009 case studies

29. www.pfeg.org