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Financial Literacy

Project background

In October 2005 ContinYou was successful in receiving funding from Deutsche Bank to develop four types of financial literacy board game. The games are currently being trialled, with final versions to be disseminated during the next academic year.

The games are being designed around the DCSF Financial Capability framework, and will cover issues such as what money is and the exchange of money, budgeting, risk and return and where money comes from and goes to. Trialling in the schools will ensure the games developed will be fun to play and relevant to students in KS3.

Six schools are taking part in the project, each receiving a grant to assist them with the running of their maths club. The schools were chosen due to their involvement in projects in the past and their level of enthusiasm and dedication. The maths club setting is seen as a good place to test the board games, although when Financial Literacy is introduced into the school curriculum it is anticipated it will straddle several subjects.

Why are we doing this?

ContinYou recognises the need for a Financial Literacy resource for year 7 pupils, because:

  • The delivery of Financial Literacy in schools remains informal as it is mainly the responsibility of teachers with other subject specialisms.
  • The bulk of materials created to support Financial Literacy in schools are aimed at students in Year 9 and above, and follow a social studies model, using role play and discussions around scenarios.
  • A detailed market analysis suggests that there are very few materials to support other models, especially for earlier stages of secondary education.
  • Schools are showing more of an interest in teaching Financial Literacy and making it part of their curriculum.
  • Some schools are using Mike Tomlinson’s white paper to make changes to their curriculum and introduce more vocational subjects. In London, Lewisham College has been running a junior skills academy for 14-16 year olds since 2004. The college includes accountancy in vocational subjects and is keen for the government to award higher status to these qualifications.
  • Recently the Chief Inspector of Schools, David Bell, said that there would come a point when the qualifications structure would need to reflect the emerging practice from the ground up. 
  • The resource could also be used to support new curricula that schools are developing, therefore enriching curriculum learning through maths and new subjects.
  • The games being developed will provide schools and pupils with the ideal stepping-stone from financial dependency and illiteracy to having an increased understanding and appreciation of how these issues will be relevant to their lives.
  • ContinYou sees poor Financial Literacy as a reason for many young people finding themselves in difficulty when they leave school, which can lead to debt, trouble with the law, violence and homelessness.

Impact

This project will develop context specific materials to help secondary schools deliver Financial Literacy to all of their students. The games will develop the players’ basic knowledge of how to handle money, and also demonstrate the impact that being financially literate or illiterate can have both in the short and the long term. This basic knowledge will then be built upon throughout the remainder of the pupils' education, resulting in school leavers having a deeper knowledge and understanding of the theoretical and practical skills needed to make better financial decisions.

More information

Keep checking back for more information or send us an email so we can inform you when they are ready.