Scottish Centre for Financial Education Learning and Teaching Scotland

1. Scottish Centre for Financial EducationLearning and Teaching Scotland Financial Education inScottish Primary Schools ‘Money Week’

2. Financial Education in Scottish Schools: A Statement of Position,1999 This led to the establishing of the Scottish Centre for Financial Education in 2002. The SCFE is a private public sector partnership as part of Learning and Teaching Scotland National Statement for Improving Attainment in Numeracy in Schools, 2002 This document published by the Scottish Executive recognises the importance of financial education in raising attainment and in tackling issues of inclusion and lifelong learning Background

3. Money week is a themed approach to learning and teaching of financial capability. It is learning in context in most areas of the curriculum. What is Money Week?

4. To develop financial understanding, competence, responsibility and enterprise in young people. Why use it

5. Financial understanding Understanding the concept of money. Where does it come from? Where does it go? Financial competence Knowing how to look after and manage money. How do we plan to look after our spending? There are four aspects to financial capability

6. Financial responsibility Making personal life choices, and thinking about the ethics of money. Do the choices we make impact on others – and if so, how? Financial enterprise Using financial resources in an innovative and confident manner. How can we evaluate risks and returns? There are four aspects to financial capability – continued

7. You may already be addressing some or all of these to a greater or lesser degree – however, it is possible that you have, in fact, been developing these areas already without realising it! Financial capability within theexisting curriculum

8. The availability of unsecured credit, e.g. store cards Can we assume that children realise that using a credit card is not a free transaction? Direct debit may be used on many occasions Can we assume that children are aware that heating is actually paid for? Few of us make the trip to the shop to pay our bills Due to a change in shopping habits children may be experiencing very different situations from those we experienced as children

9. The use of credit and/or debit cards may mean children do not see adults use cash Can we assumethat when the teller asks us if we want cash back that children realise this money belongs to us – it is not the shop offering us money? Can we assume that children are aware that using a cashpoint machine or writing a cheque depends on us having money in the bank in the first place? Assumptions we may make

10. Advertising offers us a quick fix option No matter how much debt we find ourselves in there is a company willing to give us a debt-clearing loan – whatever our financial background! Can we assume that children are aware of the possible consequences involved? Assumptions we may make

11. It is often current practice to set up ‘shop’ in primary schools especially when working with money Can we assumethat children purchase goods in shops themselves? Can we assume that children have individual interaction with a shopkeeper? Can we assume that children still visit a traditional corner shop to buy sweets or spend pocket money? Assumptions we may make

12. Personal financial capability is not just the ability to add/subtract money and know what your change should be when shopping. It’s not about how much money you have but how you manage it! It’s also about managing debt – in today's world many of us have mortgages, rent, car loans, credit cards, etc. Managing money

13. Needs Essential to our health and well-being – food, clothing and shelter Wants Non-essentials which enable us to enjoy quality of life, e.g. television, holidays It is about making informed choices based on:

14. Budget These choices have to be made no matter how limited or vast our financial resources are. Best value We constantly make choices in this area – quality versus quantity. We live in an age of disposable consumer goods, e.g. it can be cheaper to replace a watch than have it repaired. It is about making informed choices based on:

15. We grew up in a cash-based economy. Our curriculum evolved in this cash-based economy. The majority of resources available to support the learning and teaching of maths concepts do not address financial capability. Why Money Week?

16. Some children’s experience of money is still very much within a cash economy. Some may be in a financially excluded society which does not have access to legal financial services. Cultural diversity can give children varying/different experiences. More/less money does not affect financial capability. Inclusive financial capability

17. Addressing financial capability will: identify and build on existing practice develop the curriculum in context develop core skills support both staff and pupils in allowing the children to not only lead their learning but take informed calculated risks and learn from mistakes. Financial capability

18. Nursery – Snacks for All P1 – Pound Shop P2 – Vending Machines P3 – Jam Jar P4 – Buy a Bike P5 – Keeping Accounts P6 – Cost of Living P7 – Phone a Friend Money Week themes

19. Most themes address all areas of the curriculum (except PE!) For example: Curriculum in context

20. Primary 1 – Pound Shop Maths Collect receipts from from a variety of shops and display in order of totals. PSD Discuss why we raise money for charity. Enterprise Visit local shop, supermarket or van. Some examples from a theme

21. Primary 3 – Jam Jar ICT Use the internet to research different charities, famous charity events, and scientific discoveries supported by charity donations. Technology Design and make charity boxes which reflect the charity they have chosen. Use when collecting money. Some examples from a theme

22. Primary 5 – Keeping Accounts Listening and talking Find out about the history of a local bank/building society by inviting a a member of staff to visit your school. Art Design uniforms for bank staff using your school name as the bank. Enterprise Find out about the skills and abilities you need to work in a bank. Some examples from a theme

23. Some examples from a theme Primary 7 – Phone A Friend • Reading Find appropriate information from the internet, newspapers and catalogues on varying prices for phones, calls and texting. • Drama As a provider of mobile phones convince potential customers why they should buy your model. • Citizenship Discuss what Value Added Tax is and how the government uses it.

24. ‘Our aspiration for all children and for every young person is that they should be successful learners, confident individuals, responsible citizens and effective contributors to society and at work’ The Curriculum Review Group A Curriculum for Excellence

25. Our challenge is: If we don’t give our children the opportunities to manage money, how can we expect them to be responsible, effective, successful, confident members of society? The future

26. Using the appropriate theme for your stage Are there any resources which you need to gather beforehand, e.g. boxes/card for model making? Do you need to organise a visit to/from a shop or bank? (Remember, if the children organise this it is an enterprising experience!) Do you need to organise any parent helpers to help with any activities? Consider having an open afternoon on the Friday to share success with parents and carers. ENJOY! Preparing for Money Week