A values-based approach to financial education: bringing meaning to conversations about money.
More and more organisations, schools and businesses are discovering the power of adopting and articulating a set of core values.
If everyone in an organisation shares the same values, then their energies are all channelled in the same direction. For businesses, some studies suggest that effective corporate values can generate up to 30 percent of difference in performance.[1]
Values are clearly powerful. They influence our attitude towards the people and the world around us and ultimately our behaviour. My values will dictate what I prioritise, how I spend my time and the choices I make.
Values-based education sets its sights beyond the immediate outcomes of classroom learning, focusing on forming well-rounded, responsible global citizens of the future. And when it comes to financial education, attitude and motivation are as important in determining financial behaviour as knowledge and skills. In short, our values have a profound impact on how we think about and use money.
Lifesavers’ resources are shaped around four core values, generosity, justice, wisdom and thankfulness, that together lay a strong foundation for establishing positive and healthy attitudes and behaviours around money. Schools on the programme have told us that this unique approach to financial education improves pupil engagement, encourages deeper conversations and enriches learning:
“The values are partly what makes LifeSavers stand-out. They make talking about money meaningful and help pupils think about what money means to them and wider life” Headteacher[2]
The LifeSavers values to help children #TalkMoney:
Generosity is the desire to share what we have with others, our time and talents, as well as our money and possessions.
Talk to your partner about a time when you gave something away - money, a present etc. How did it make you feel? Share ideas with each other about other things that you can give away that you can’t actually see or touch but are very important.
Wisdom is the understanding of the consequences of our thoughts, words and actions, and an awareness of the true values of things.
There is a proverb that says: Wisdom is more precious than rubies. What do you think this proverb might mean? Can you think of anything else that is precious to you and that cannot be bought with money? This could be a favourite toy or pet, or something completely priceless, like friends and family.
Thankfulness is an attitude of the heart, acknowledging and enjoying the good things we have been given, including our money and possessions.
Take a piece of white paper with a black dot in the middle; ask the children what they see - hopefully one will say the black dot! The paper is almost all white, but many will have noticed the black dot. We are all tempted to take for granted the things in our lives we can be thankful for - like the white of the paper - and we focus on the things that aren't going so well - the black smudge. Perhaps there are things in your life that are difficult and make it hard for you to feel thankful? Think of what they are and then try to think of what is left, What you can be thankful for?
Justice is ensuring that all people, especially the poor and oppressed, receive what is fair and right: life, freedom, dignity, and a decent standard of living.
Ask if anyone knows what ‘Fair Trade’ is. Accept the children’s suggestions. We rely on farmers, in our country and in other countries, to provide us with food, but many farmers are struggling because they are not receiving a fair price for what they produce. This means that they do not make enough money for themselves and their families to live on.
Activity ideas from: https://www.lifesavers.co.uk/assembly-resources
[1] https://www.telegraph.co.uk/connect/better-business/international-trade/value-of-business-values-corporate-culture/
[2] LifeSavers Evaluation, Public Perspectives, 2018