Kickstart Money, a pioneering financial education programme specially designed for children of primary school age, has been found to be effective in an independent evaluation report. The report was launched at a special Kickstart Money session held in the Houses of Parliament, giving MPs and Peers the chance to see the programme first hand.
The report found that three months after attending the programme, 70% of pupils were working towards a saving goal. The young people surveyed strongly agreed that ‘how they think about and treat money now will make a difference to their future’ and teachers reported that 87% of their pupils now understand that their financial decisions have consequences.
Kickstart Money sessions cover everything from understanding the value of money, and deals to needs vs. wants and saving. It is a uniquely collaborative programme, funded by 20 leading financial services firms, brought together by the Tax Incentivised Savings Association (TISA) and delivered by the charity MyBnk. The initiative is part of a mission to demonstrate the advantages of including financial education on the primary curriculum if we are to change savings habits for a generation. It aims to reach 18,000 children over 3 years across the UK, with over 5,000 young people already having got involved.
Research by the Money Advice Service (MAS) has found that early intervention is key and that behavioural attitudes to money are formed by the age of seven. Only one third of parents talk to their children about money, and there is a significant lack of financial education provision in schools for children in the UK. After Kickstart sessions, an astounding 96% of Key Stage Two teachers believed their pupils understood the benefits associated with saving. Its ability to change attitudes towards money, spending and saving is proven with one pupil reporting that when he now went shopping with his sister he thinks ‘do I really need this?’ and ‘can’t I save my money for something else more important’.
To mark the launch of the independent report findings and grow awareness of the initiative with Politicians, Kickstart Money are holding a special session in the Houses of Parliament on 28th June 2018.
Jane Goodland, responsible business director of Quilter, and KickStart Money lead said:
“We’re delighted that the Kickstart Money programme has been independently judged as being effective. Based on this success, we reiterate our call that the Government should put financial education on the national primary curriculum. Politicians may believe that being competent with numbers equates to being good with money. While basic numeracy skills are helpful for budgeting and saving, many of our financial habits are in fact motivated by our attitudes and behaviours learned at a young age, and not by our ability to do complex maths.”
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Notes to Editors
1. KickStart Money is the work of twenty of Britain's leading savings and investment firms, brought together by TISA. The aim is to fill the gap in financial education provision in UK primary schools, by piloting a scheme to at least 18,000 primary school children over the next 3 years. It will be evaluated by the Money Advice Service as part of the What Works initiative in spring 2018, with the ultimate target being government adoption of it as part of the National Curriculum.
2. KickStart Money partners: Alliance Trust Savings, Allianz Global Investors, Aviva, AXA, BlackRock, BMO, Colombia Threadneedle, CQS, Janus Henderson, Legal & General, Legg Mason, M & G Investments, Neuberger Berman, Newton, Old Mutual Wealth, Prudential, Redington, Schroders, Standard Life Aberdeen and supported by TISA and the Giving Department
Notes to editors:
About Quilter plc:
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £111.6 billion in customer investments (as at 31 March 2018).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.
The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.
Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.
Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and the Multi-asset investment solutions business.
The Quilter plc businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:
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- Intrinsic to Quilter Financial Planning
- Private Client Advisers to Quilter Private Client Advisers
- The UK Platform to Quilter Wealth Solutions
- The International business to Quilter International
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- Quilter Cheviot will retain its name.
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