Money Advice Service, national curriculum, MyMoneyWeek, MyBnk-in-a-box
Key actors in financial education and financial literacy
In 2013 the UK’s Government announced that financial education will become a compulsory part of the National Curriculum in England. From September 2014 schools across England will be obliged to teach financial education as a part of secondary mathematics and Citizenship education (from age 11 upwards). The Department for Education has included specific curriculum content on managing risk, income and expenditure, insurance, savings and pensions.
The Money Advice Service (MAS) is a quasi-governmental body that is funded by money raised by the Financial Conduct Authority (FCA) from UK financial services providers. The funding due to be received from the industry in 2014/2015 is £78 million. The service provides free and independent money advice for consumers across the UK. MAS is the main body responsible for financial capability across the UK. It mainly provides online advice (including a number of factsheets / budgeting tools etc). MAS is currently coordinating the UK’s Financial Capability Strategy, the aim of which is to improve financial capability so it can influence behaviours and increase wellbeing of people across the country. A draft Strategy which was launched on 15 September seeks to involve a number of key stakeholders already operating in this space such as charities, banks, debt management agencies etc.
British Bankers’ Association & members
The majority of BBA members all have a number of financial education and financial capability programmes in operation, targeting at different groups of the population. A number of BBA members fund and work directly with financial education charities and will also be involved with the direct delivery of the UK’s Financial Capability Strategy, due to take shape in 2015. For more information about BBA members and their programmes, please visit the BBA’s website.
There are a number of key financial education charities operating in the UK who are responsible for its direct delivery. A few examples have been outlined below.
- Personal Finance Education Group: PFEG is the UK’s leading financial education charity. They provide resources and lesson plans, help and advice to anyone teaching children and young people about money. It targets children of school age (4-18). Pfeg is the main body behind the UK’s national money week which takes place in June every year. PFEG is set to merge into Youth Enterprise, the UK’s largest enterprise education charity. Read more about ‘MyMoneyWeek’.
- MyBnk: MyBnk is a charity that delivers financial and enterprise education directly to 11-25 year olds in schools and youth organisations. MyBnk have formed the first ever youth-led banking scheme ‘MyBnk-in-a-Box’ that allows young people to save and develop positive habits around money from a young age. MyBnk also provides enterprise experiences by giving young people access to interest-free loans to set up their own enterprise in their local community.
Example of good practice
The inclusion of financial education as a compulsory element of the national curriculum in England as well as the detailed programmes carried out by a number of financial education charities (outlined above) can be viewed by other EU Member States as good practice examples in this area.
Financial education part of curriculum? Yes
PISA financial literacy ranking (OECD, 2012): did not take part