Improving access to quality financial education for young children in Scotland

Over the past 7 years, we have worked with 555 primary schools to reach 151,356 children with quality financial education. We are determined to ensure young children in all primary schools across the UK have access to the financial skills, knowledge and confidence they need to thrive.

Our launch as a registered charity in Scotland is an important step towards achieving this goal. Thank you to everyone who attended our launch event in Edinburgh on Monday, 29 April, generously hosted by BlackRock UK. Teachers, partners and generous supporters of our work gathered to celebrate the impact of financial education and commit to our mission to build a financially resilient nation.

Expanding our work comes at a pivotal time, with research from Money and Pensions Service revealing that less than half of children in the UK currently receive a meaningful financial education[1]; and in Scotland, only 37% of 7-17-year-olds recall learning about how to manage money in school.

Our Scotland launch event featured lively discussions on the importance of financial education as a lifetime benefit that all children have the right to access. It highlighted the importance of Just Finance Foundation’s work for teachers in all settings who urgently need financial education support.

Expert speakers included:

  • Scott Walker, Co-head of BlackRock Edinburgh

  • Nick Hutton, Head of UK iShares & Wealth business, BlackRock UK

  • Emma Simpson, Head Teacher, Lancaster Christ Church CE Primary School

  • Sarah Wallace, Director, Just Finance Foundation

  • Chris Cummings, Chair of Trustees, Just Finance Foundation and Chief Executive of The Investment Association

Emma Simpson, Head Teacher of Lancaster Christ Church Primary School, said: “Initial conversations with JFF really opened my eyes to just how much of an opportunity we were missing to support our children’s financial awareness; a key element of them becoming the independent, active and confident members of society that we were striving for. Especially considering proportion of children that were living in families where finances were causing some level of challenge.”

Sarah Wallace, Director, Just Finance Foundation, said: “The impact of the cost-of-living crisis means that money is an increasingly difficult subject to teach and talk about – at home and at school. We are focused on providing support through resources that increase teacher confidence and provide a safe space for children to explore money.

 “Our LifeSavers programme will help support teachers and educators in Scotland who are already working hard to empower their pupils with these essential skills.”

How you can support our work in Scotland and across the UK

Just Finance Foundation will deliver free financial education resources and training to primary schools through the LifeSavers programme. In 2023, we expanded to 184 new primary schools and empowered 71,293 children with essential financial education. But we know there is more work to do to meet gaps in financial education and provide children with the skills they need to thrive. 

Collaborative partnerships are crucial and will continue to help us shape the future of financial education in Scotland and across the UK. Together with our partners and funders, we will continue to support teachers, empower children, and advocate for the importance of financial education.

Chris Cummings, Chair of the Just Finance Foundation, said: “We have a duty to help people in our society to have better, more resilient financial lives. Educating the next generation is key to developing the skills and confidence to make healthy financial decisions.”

Scott Walker, Co-head of BlackRock Edinburgh; and Nicholas Hutton, Head of BlackRock’s UK iShares & Wealth business, said: “Financial education is a vital tool to empower individuals and provide them with the necessary skills to navigate some of the most important life decisions – and the earlier the first concepts are ingrained, the better an individual’s ability to retain and implement them. That is why we are so proud to support the Just Finance Foundation’s work in primary schools and why we are very excited about the launch of this new chapter in Scotland.”

To find out more about partnerships with Just Finance Foundation contact sarah.wallace@jff.org.uk

[1] https://maps.org.uk/en/media-centre/press-releases/2024/hundreds-of-thousands-leaving-school-without-money-skills

[2] https://maps.org.uk/en/publications/research/2023/uk-children-and-young-peoples-financial-wellbeing-survey-financial-foundations

 
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Children in vulnerable circumstances missing out on vital financial education