The UK’s Financial Education Workbook, which was designed by the UK’s leading financial educators, has now been launched and is now available to download for free to all teachers.
The guide outlines a series of principles to help teachers navigate the many ways they can teach financial literacy.
The principles include:”If you want your children to be financially literate, you have to teach them how to write, analyse, comprehend, remember, share and save.”
The workbook is designed to be a basic starting point for anyone wanting to teach financial self education and is geared towards parents and teachers of all levels, from schoolchildren to teachers of nursing, nursing staff and social workers.
The guidelines are set out in a format that encourages teachers to consider and adapt to individual children’s learning styles, said Sara Davies, head of financial education at the UK charity Financial Self Education.
“They are a great starting point, but as parents we are going to be changing them to suit the individual child and their learning style,” she said.
“We will also be working on some new ideas in the curriculum to improve the level of communication in the lessons.
This is an exciting time for teachers.
It’s a great opportunity to help our children become financially literates.”
The guide has been developed in conjunction with the Financial Education Council (FEC), which was established by the Government to support financial education in England and Wales and to help it to become financially successful.
The FEC launched its first edition of the Financial Self-Esteem and Financial Literacy guide in 2016.
The organisation’s executive director, Tim Wilson, said:”We have long supported the creation of financial literacy guides and this is a very timely and exciting initiative.
The workbooks are the culmination of a long partnership between the Financial Industry Regulatory Authority (FINRA), the Financial Conduct Authority (FCA), the National Association of Financial Education Providers (NAFEPA), the Royal College of Nursing (RCN), the British Association for Financial Literacies (BAL) and others.
The aim of the guide is to offer parents and staff of all ages, skills and interests a way to help their children learn to be better financial stewards.”
The first edition includes a wide range of topics, including how to develop financial literacy in schools, how to teach finance to children and parents, and how to share your lessons with your children.
“The work is geared to teaching a wide variety of financial topics and, as such, it’s designed to support the teaching of finance to a wider range of students, including children with special needs, young adults, primary school students, students with learning disabilities, older people, disabled people and parents of younger children,” said Davies.
The Financial Self Esteem guide includes a set of six lessons that teachers can use to develop their own lessons on financial self eduction.
“These lessons are designed to give teachers a range of ways of teaching their children the different financial topics they might find relevant, including: how to use tax rules and how they apply to financial literacy, how the government helps to make money work for you, how your tax account can help you, and what your tax refund might be,” she added.
“Teachers can also explore how to learn how to manage your finances in a more practical way.”
There are also practical exercises, including a list of financial resources for students that will help them learn to manage their finances in different ways, and advice on how to choose a good investment.
“Financial Self Education is a key part of the FCA’s financial literacy programme, which helps students gain a solid foundation in how they use the UK financial system.
The government’s guidance on financial literacy is available online for free.
The guidance will be made available for download at no cost to teachers from December 21.
It will be distributed to all members of the Royal National College of Teachers (RNCT) in 2018.