In today’s world, it is more important than ever for children and young people to be aware of managing and saving money. A report from the Money and Pensions Service found that only 47% of children received a meaningful financial education at home or school.
Why financial awareness matters
Research suggests that money children’s money habits and attitudes are developed by the age of seven. By understanding cash from an early age, young people have the tools to establish good money habits and are more equipped going into adulthood can build a financial cushion and reach their financial goals.
A lack of financial awareness could potentially mean people have a lack of control when it comes to money. This can lead to feelings of anxiety, stress, poor sleep, and affect relationships, according to Mind.
The benefits of financial awareness
Aside from the long-term benefits of having a financial education from a young age, research from the Money and Pensions Service found that children who received financial education are more likely to:
- Feel more confident in managing their money
- Disagree with the statement ‘I feel anxious when thinking about my money’
- Save money more regularly
- Have positive attitudes towards money
- Talk about money
It is agreeable that a joined-up approach is required from schools and home when educating children and young people about money. However, it can be difficult for many parents and guardians to start a conversation about money with their children (especially if they are not confident with money themselves).
Additionally, Financial Capability research highlights that many schools and colleges would like to increase their financial education but are often hindered by busy timetables, curriculum, and a lack of skills and knowledge.
This is where LifeSavers scheme can become a real life-saver.
What is LifeSavers?
LifeSavers is an innovative financial literacy programme for primary schools. It provides pupils with the knowledge, skills and attitude to manage their money wisely.
- 30,701 children benefit through LifeSavers
- 2,114 trained staff trained to deliver financial education
- 120 schools are part of LifeSavers’ financial education
- £175,322 saved through LifeSavers savings clubs
We believe in the importance of financial education for children and young people. We support local schools with running of their LifeSavers savings clubs to give children the practical experience of handling money.
By joining your school’s LifeSavers savings club, you automatically become a junior member with us. This will provide young people with the important life skills of saving ‘little and often,’ Parents and guardians can also top up savings account if they wish.
For more information about our young savers accounts visit or sign up here. Or if you would like to discover more about the LifeSavers project, and see if your school would like to become a LifeSavers school, visit Just Finance Foundation.