Lessons on life skills essential for well-rounded education

With the Govian drive to recreate his own school experience for all children, I cannot understate my relief that pressure from the Liberal Democrats and others has led to his about turn on the E Bacc.

As someone who spent the early years of my career teaching, I believe the best schools take a holistic approach to education – and that is what the national curriculum should do.

I was particularly delighted to see that at last financial education has a place in the curriculum. As some of you know, for many years I lead on the element of the FSA Financial Capability Strategy to reach young people who are not in education, employment or training (Neet) – a role that left me convinced that we must ensure our children and young people are properly equipped to manage their money – which isn’t just about having the knowledge and skills to do so, but more importantly the underlying attitudes and behaviours that enable them to make sound decisions. 

Particular credit for this achievement must go to finance education charity pfeg – which has been campaigning on this for years, Martin Lewis (of Money Saving Expert) – my favourite quote from him has always been “We educate our children into debt but not about debt” and Justin Tomlinson MP who started the All-Party Parliamentary Group on Financial Education. But, credit must also go to Deputy Prime Minister Nick Clegg and Liberal Democrat Schools Minister David Laws, without whose tenacity and determination in arguing for financial education as part of the curriculum, it would not have been included.

Laws said: “In the past, too many children have missed out on learning about good money management. How to run a bank account, make ends meet and avoid bad debt are essential life skills. I am delighted to be consulting on adding financial education to the national curriculum.”
However, this is no time for complacency.

As well as learning the foundations in school, we all know that we learn best when we need to. I didn’t read any books about pregnancy until I got pregnant, then I couldn’t get enough of them! That is why, particularly with the raising of the participation age, I believe we need to ensure that financial capability, as well as other important life skills, are included in the FE curriculum – be that in school, college or the workplace – when young people are likely to be earning for the first time and will be approaching the age when they will be able to get credit and may be thinking about living independently. 

And of course, as was my objective when working for the FSA/Money Advice Service, I would like to see all those working with vulnerable young people trained to be able to support them effectively to manage their money. This is particularly vital for those in supported housing and in/leaving care or custody. I well remember a meeting with someone running a young tenants project, asking him if they did any work around money management with their young people.

They did, so I asked if the staff were trained – they weren’t. Apparently, they ran the sessions based on their own experience. To which I retorted: “So if they were running sexual health sessions, would you expect them to do so on the basis of their own experience?!” Which leads me to my final plea. If we are going to teach financial education, in school, in college, at work or in the youth club – please can we ensure proper training for all.

Linda Jack is a member of the Parliamentary Policy Committee for Education, Young People and Families, and former member of the Federal Policy Committee

If you work with young people and are thinking about how best to support them manage their money you may find the following helpful:

Pfeg - Resources
Helping Young People with Learning Disabilities to Understand Money
Money in the Mix – Foster Care
Money in the Mix – Supported Housing
Money in the Mix – Youth Work
Money in the Mix – Advice and Guidance
Money in the Mix – Young Offenders