Teach children about finances, and they’ll adopt good practices in later life

A 2018 study conducted by Salary Finance, a savings and loans company, found that over three quarters of people polled were worried about their financial situation. Of the 2000 individuals surveyed, more than one in five said they had no savings of any kind to support them, while two thirds were worried about how they would manage if they lost their job, became unwell, or received a large and unexpected bill. concerns over a potential car repairs charge were voiced by more than a quarter of participants, while a fifth admitted to be worried about purchasing christmas gifts, and paying a large gas or electricity bill.

Asesh Sarkar, the chief executive of Salary Finance said concerns over finances causes real emotional stress for families across the United Kingdom. `Money worries affect 40 per cent of UK employees. For those that are already living payday to payday, the idea of something unexpected happening, such as a job loss or a large bill, can be a large source of stress.`

`Saving for a rainy-day fund is difficult for many people, if it wasn`t everyone would have one. However, it can really take some of the pressure off and help avoid high cost loans, especially if something does go wrong, and reduce your financial worries.`

With so many adults distressed over the state of their finances there are some calls for money management to be taught in schools. In a perfect world of course everyone would be paid such a high salary that they would never have to worry about money - but until we attain such a utopia, a few hours of lessons, teaching pupils how to make the best use of their earnings, could stand them in good stead for when they start employment.

I believe teaching pupils about the uses, and the very real perils, of credit cards, payday loans, or any kind of borrowing, would be a great help to them. It saddens me to think about the number of friends I`ve known who have got themselves into serious trouble using credit cards, and borrowing money at atrocious APR`s. It can be all too easy, especially when you might be feeling a little low, to treat yourself to a some `retail therapy.` Had a bad week, why not indulge yourself with a few gifts? Had a good week? why not reward yourself by spending everything you`ve earned on things you don`t really need? Buy now, pay later - this seems to be a slogan for our age. Every weekend the pavements of Oxford Street in London are crammed with consumers laden with shopping bags. Some of my friends managed to get themselves into more debt than they could handle, and having the bailiff banging on your door at 9am can be a real wake up call.

With just a couple of hours a week pupils could be learning about mortgages, direct debits and standing orders. They could be taught how to budget their finances, and how to calculate what monthly savings they will need to make if they want to save up for an expensive item.

Kirton Primary School in Boston, Lincolnshire, has really embraced the idea of teaching their pupils valuable financial lessons: they have their own bank with their own currency! Claire Fovargue, Deputy head teacher of the school, explained that `the children get awarded Kirts for achieving something, for example 10 out of 10 for spelling, maths tests or for full attendance.` Kirts are the currency of the school, which can be redeemed for items in the schools shop. The bank is run by pupils, with the `employees` being stringently selected, each of them interviewed by a `board of directors,` before signing a confidentially agreement, promising to respect other pupil`s financial information.

Investments, pensions, mortgages, insurance - these may sound like very advanced and adult concepts, of no concern for a pupil - but surely they are no less austere or forbidding than the sciences, and mathematics; and whatever profession the pupil takes up, good financial practices should be part of their lifestyle.