Rachel Rickard Straus is the editor of financial magazine Moneywise.
Recent research indicates that school lessons in money can set the tone for a lifetime of sound financial management.
According to work carried out by the Money Advice Service in conjunction with Cambridge University, money habits are often set by age seven and personal finance lessons in school can be transformative.
Of a group of 14 to 16-year- olds receiving money lessons, two thirds said the information had changed the way they spent and saved, in research carried out by the Tax Incentivised Savings Association.
School lessons in money can set the tone for a lifetime of sound financial management
Personal finance has been compulsory in UK schools since 2014 and the lessons are empowering children, enabling them to understand the key money issues they will face in adulthood.
As editor of financial magazine Moneywise, I am passionate about personal finance education. It is why we have launched a search for the country’s best primary and secondary school personal finance teachers.
The schools where the winning money teachers work will share in a prize pot worth £12,500 with a ‘judges’ award also given to a teacher making a difference – maybe as a result of the original way they approach the subject.
Recently, I visited Arkholme Church of England Primary School in the Lune Valley, Lancashire where one of last year’s winners – head teacher Joy Ingram – runs money classes. When I was there, ten five-year-olds had organised a class party.
The pupils had worked hard to get the party right. They had created a shopping list and then bought items, strictly within an agreed budget.
I believe the need for money education is greater than ever as young people face many financial challenges – including working in an economy where incomes are variable.
To nominate a primary or secondary school teacher, email email@example.com with their name along with details of the school.
The teacher will then be asked to submit at least one lesson plan and a supporting statement. Teachers can also nominate themselves. Deadline is Friday, April 5.