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Proud supporters of the Centre for Financial Capability

We are proud to support the launch the Centre for Financial Capability. Due to the success of Kickstart Money, a financial education programme The Quilter Foundation has supported for a number of years, its founders have come together to launch the new charity.

The Quilter Foundation will support the Centre for Financial Capability and its Kickstart Money programme delivered by long-term charity partner, MyBnk.

The new charity has a mission for every primary aged child to receive an effective and high-quality financial education, which has been reinforced by calls by the 150 members of the All-Party Parliamentary Group on Financial Education for Young People today for primary financial education for every child by 2030. In a powerful new report, the APPG says the lack of primary provision is an “abject failing by successive governments”, which has condemned “large numbers of children and young people to lives mired in financial difficulties”.

Despite, a 2019 survey by the Money and Pensions Service finding that one third of children receive financial education at primary school,1 new polling reveals the proportion of primary children who have been taught how to look after their money at school is closer to one fifth (22%).2 This is despite ground-breaking research published eight years ago showing money habits, that stick with children for life, are formed around the age of 7.3

The Centre for Financial Capability has been formed by supporters of KickStart Money, an award-winning coalition of savings and investment firms – including Quilter - who have donated over £1 million to fund the KickStart Money financial education programme, delivered by MyBnk, to over 20,000 primary pupils across the UK. However, 20,000 is just a fraction of the almost five million children in state funded primary schools.

The Centre for Financial Capability will bring together stakeholders across the primary financial education space to effect change. It will foster innovative new delivery models, build evidence of what works and work with Government to maximise the provision of primary financial education for all.

The UK Government has welcomed the launch of the charity. In the statement made at the launch of the new charity, John Glen MP, Economic Secretary to the Treasury and City Minister said:

“Over the last year we've learned many things, but one of them is how important it is for people to have the information the skills and the confidence to engage with their finances. The Centre for Financial Capability is a testament to the difference that can be made when financial services and the voluntary sector, join forces to improve financial education for children and young people, and I'm really looking forward to see what the Centre can achieve in the months ahead.”

Introducing the Centre for Financial Capability

To find out more about the charity, watch the 3 min video, featuring John Glen MP, Economic Secretary to the Treasury and City Minister.

Notes:

  1. The Money and Pensions Service’s 2019 CYP Financial Capability – UK Children and Young People’s Survey found that only one third (33%) of primary school age children now recall learning about managing money in school.
  2. Of respondents aged 6-10, excluding those who selected “don’t know”, only 22% said they had ever been taught about money by teachers and/or another adult at school. We defined “how to look after money” as follows: we mean someone explaining why money is important, how to plan any spending as well as how you can save and borrow money.
  3. In 2013, research by the Money and Pensions Service, authored by Cambridge University, found adult money habits are set by the age of seven years old.