LifeSavers improves financial education

Uncertain incomes, lifelong indebtedness and high housing costs are central to making financial capability a prominent issue for younger generations. Research has shown that children form habits and attitudes to money from as young as the age of seven, conveying the importance of LifeSavers’ work and its potential to improve financial wellbeing for the next generation.

Over the last two years, LifeSavers has engaged with nearly 1,200 teachers and 16,000 pupils, this includes 66 schools receiving training and support to deliver financial education to all year groups, as well as 46 of the schools opening savings clubs. This means, LifeSavers has helped over 1500 pupils start saving, with other pupils gaining valuable skills through volunteering to help run saving clubs. A recent evaluation report by Public Perspectives shows that LifeSavers has successfully taught children about money, including where it comes from and how to save, which we believe are essential aspects of learning, especially helping a child’s growth into adult life.

A year 5 pupil describes the process of taking part in the savings club, “I had to apply for it and I was interviewed. You have to be professional and kind to people. I hope it will show that I am responsible and can be relied on to do a good job. It might help me get a new job in the future.”

In addition, the evaluation report highlighted that LifeSavers is an effective programme, which enriches school life and leads to positive changes in the knowledge, skills and behaviour of pupils regarding money. 90% of the participating schools agreed that LifeSavers had improved the quality of financial education. Whilst 86% of participating schools said that financial education should be a key part of the primary school curriculum.

A Headteacher of a LifeSavers school said “Without LifeSavers we wouldn’t have been able to deliver financial education. Its given us a structure, materials and confidence to do it and given us a focus.”

Paul Hackwood, Director of Just Finance Foundation which managers the programme said “LifeSavers has a bold and courageous vision for the future, with plans to reach thousands more primary schools in the coming years. We may live in challenging and uncertain times when it comes to financial inclusion, but this report is an immense source of hope and inspiration: a call to join the movement towards a fairer, more just and inclusive society for all.”

Read the report here

NewsZainab Hussain