Children in vulnerable circumstances missing out on vital financial education

Primary-aged children in Alternative Provision (AP) education settings are not receiving adequate financial education, research has shown. In a survey of 47 educators across 20 AP settings in England, two-thirds reported not delivering financial education in their primary level classrooms due to lack of suitable resources and support.

7,000 primary-aged children are currently educated in AP settings across England[1] due to medical needs, neurodiversity and behavioural challenges. Children learning in these settings are more likely to grow up facing disadvantage and are likely to be living in homes experiencing poverty[2].

This new research from the Just Finance Foundation contributes to evidence that, despite these challenges, financial education provision targeted to children outside mainstream education is limited and inadequate. This means that primary-aged children in AP settings are at risk of missing out on quality financial education that could improve their wellbeing later in life.

Just Finance Foundation is pleased to deliver this innovative research as part of a £1.1 million grant programme, funded by the Money and Pensions Service (MaPS) to fill this gap and improve financial education for children in vulnerable circumstances, including those in AP settings.

The findings of this research indicate that the main barrier to financial education in AP settings is the lack of resources that engage learners with additional needs. Educators reported that most children in these settings did not respond well to worksheets or solitary reading, but instead required regular movement breaks and engaged better with speaking and listening activities.

Read the full research findings report

Using the findings of this report, Just Finance Foundation has already adapted its financial education resources into a suite of tools designed to meet the needs of educators and pupils in alternative provision, including interactive conversation cards and a Money Adventure game. These tools support educators to engage pupils with important money topics like spending and saving, using fun activities tailored to their unique social, emotional, behavioural, and mental health needs.

Lisa Davis, Senior Policy Manager at the Money and Pensions Service said: “Our childhood experiences prepare us for adulthood and finding out about money is a very important one. However, less than half of children currently get a meaningful financial education and this report suggests that if they’re in vulnerable circumstances, their chances are even lower. 

“We’re funding this vital project and taking action to address this double disadvantage because we need to be giving opportunities to those who are missing out. Picking up the right money skills early on will lead to better habits and good decisions, so every child deserves that chance to learn.”

Sarah Barlow, Financial Education Coordinator for Alternative Provisions at Just Finance Foundation, said: “Children without access to financial education are at risk of growing up without the knowledge, skills and values to manage money well as adults. This has a direct impact on how well society operates, how many adults struggle with budgeting and a lack of knowledge that allows them to navigate financial decisions.

“The impact of this has long-term effects for individuals. Everything from budgeting for food shopping to contributing to a pension fund can be much more difficult without prior knowledge of personal finance.

 “At JFF we know that education is key to improving financial inclusion over the long-term.”

Sarah Johnson, President of the National Organisation of Pupil Referral Units and Alternative Provision, said: “These findings stress the importance of adapting resources to suit the unique needs of children in AP settings, who respond well to speaking and listening activities, physical games, and digital resources.

“JFF emphasises the need to invest in teachers, reaffirming them as crucial agents for financial education. PRUsAP, alongside JFF, urges a collaborative effort to break barriers for vulnerable children. We call for training and equipping teachers, developing specific tools, and ensuring financial education is inclusive, addressing the diverse needs of children who may have missed out on schooling episodes, are receiving free school meals, and face heightened vulnerability.”

“It is reassuring that JFF has focused on this undervalued sector, acknowledging the critical importance of closing the financial education gap for all children.”

[1] Ofsted (2022). Alternative provision for primary-age pupils in England: a long-term ‘destination’ or a ‘temporary solution’?. Published 8 November 2022. Accessed online 30 November 2023.

[2] Beynon, K. (2022). Long term outcomes of pupils who experience alternative provision. FFT Education Datalab. (Electronic Copy retrieved on https://ffteducationdatalab.org.uk/2022/07/long-term-outcomes-of-pupils-who-experience-alternative-provision/ 20 November 2023.

-ENDS-

Contact:

Mia Lucas-Bray, Head of Communications & Public Engagement, Just Finance Foundation
Email: mia.lucasbray@jff.org.uk
Phone: 0203 752 5656

Notes to editor:

Full report
Removing barriers to financial education for children in vulnerable circumstances, October 2023
Barlow, S. (2023), ‘Removing barriers to financial education for children in vulnerable circumstances’, Just Finance Foundation, London
Project lead: Sarah Barlow, Just Finance Foundation

Under the scope of this project, AP settings are places that provide education for children who can not attend a mainstream school due to illness or other reasons. Children can also be directed to AP settings by their school to help with behavioural issues.

Research methods: This research was qualitative, however, we captured experiences and views from 47 educators and 75 primary-age children across 20 AP primary school settings. The research gathered qualitative data in the form of interviews and workshops and supplemented that data with classroom activity outputs and a survey which included both qualitative and quantitative elements.

Research timings:

• Mar - Jul 2023: Conducting surveys, visiting schools.

• Aug - Oct 2023: Data analysis, new resource development.

• Nov - Mar 2024: CPD training, pilot new resources.

Supporting evidence:

1.     Whitebread, D. & Bingham, S. (2013). Habit Formation and Learning in Young Children. Money and Pensions Service (formerly the Money Advice Service) (Electronic Copy retrieved on the National Archives 20 November 2023).

2.     Beynon, K. (2022). Long term outcomes of pupils who experience alternative provision. FFT Education Datalab. (Electronic Copy retrieved on https://ffteducationdatalab.org.uk/2022/07/long-term-outcomes-of-pupils-who-experience-alternative-provision/ 20 November 2023.

3.     Beynon, K. (2022).

Just Finance Foundation is a national charity dedicated to improving financial education so that every child and family has equal opportunity to thrive.
A registered charity in England and Wales (1172050) and Scotland (10204667).

Sarah Barlow, Financial Education Coordinator for Alternative Provisions at Just Finance Foundation.

Sarah has worked within the education sector for over ten years and has been involved in several community and charity projects. She has a passion for supporting future generations and has undertaken additional Mental Health and Special Educational Needs and Disability training.

Lisa Davis, Senior Policy Manager at the Money and Pensions Service.

Lisa’s role involves working with partners across the UK to improving the provision of financial education and ensure more children can access a meaningful financial education. Lisa has worked in a variety of leadership roles within the public or third sector for a range of organisations such as Banardo’s and The Office of the Children’s Commissioner. Lisa has worked on a wide variety of policy and research topics including education, financial education and children’s social care.

Sarah Johnson, President of PRUsAP (PRUsAP is the National Association for PRUs and Alternative Provision).

Sarah is an influential author, educator and strategic leader in the field of education. She is a member of the Department for Education’s Alternative Provision stakeholder group and also the President of PRUsAP. These strategic positions allow her to demonstrate her dedication to improve educational provision and outcomes for pupils in Alternative Provision settings.

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