There can be little argument that debt is not only a problem that faces many people today, but will also trouble future generations unless the attitude of both lenders and borrowers changes. Whilst the lenders will be left to the financial powers that be, schools have a responsibility to give children the means to secure their future economic well-being.

However it is fairly clear that the ‘buy now pay later’ generation is in full swing and has been ill prepared for the maze that is personal finance in modern times. The problem seems two-fold: initially there seems to be a general ignorance among young people of simple financial systems including bank accounts, credit and budgeting, but there is also the willingness to take something without having earned it, saved for it or perhaps even deserved it?

Why I believe financial education should begin at primary school

In July 2007, the government revealed that a new subject called “economic wellbeing and financial capability” will be introduced to the curriculum for all 11 to 16-year-olds to help youngsters to prepare for financial pressures after leaving school. While it may be true that the more technical aspects of bank accounts, home budgeting and the process of credit is something that will be dealt with more thoroughly at secondary level especially for school leavers. However, children are consumers from a very young age: toys, food, music, computer games, clothing, sports, films are all products placed in front of children from the moment they leave their homes in their 3 wheeled push-chairs. In addition many of these children have easy access to these products, as parents are put under pressure to avoid their children standing out or indeed missing out. There seems little evidence of children having to ‘save’ for something, little evidence of them having to earn something and indeed few examples of role models by which they could establish what a product is ‘worth’; perhaps symptomatic of a society eager to establish that people have inherent rights, irrespective of their behaviour.

As such developing attitudes that will promote the more traditional notion that a bank is where you save your money, rather than where you borrow someone else’s, is most likely to be ultimately effective if nurtured from a primary age. There are obvious links with maths and information communication technology, but perhaps more relevant is the work on personal and social education. Through role-play and PSHE activities in both key stage 1 and 2, children would be able to focus on what something is really ‘worth’ by establishing it’s ‘cost’, be it physical, emotional or monetary.

In this section, therefore, you will find financial lesson activities for both primary and secondary level children.