Today we are delighted to be in Westminster to launch My Money Week, returning for its fifth year in 2013 thanks to a new partnership between financial education charity pfeg (Personal Finance Education Group) and Barclays. The aim of the week, which will run from 3 to 9 June, is to support teachers in educating young people effectively about money through fun and engaging activities – giving them the skills, knowledge and confidence they need to manage their money well.
We are keen to get parliamentarians involved and for the week commencing 3 June to see MPs across the country visit their local schools taking part in My Money Week to watch financial education in action.
With Barclays’ support, this year My Money Week has been expanded to reach a target of 650,000 young people across the UK, including schools in Scotland, Wales and Northern Ireland for the first time. The week will also see extra resources targeted towards disadvantaged young people in both the school environment and the wider community, with free advice and support from pfeg educational specialists available in areas of deprivation.
This year our flagship initiative comes at an exciting time for financial education, following February’s announcement that personal finance is to be included in the new draft National Curriculum for the first time. The move comes after years of campaigning by the All Party Parliamentary Group (APPG) on Financial Education for Young People, chaired by Justin Tomlinson MP, together with pfeg and MoneySavingExpert.com’s Martin Lewis.
The APPG, which at 253 MPs and Peers is one of the largest and most active groups in Parliament, has worked tirelessly since it was formed in January 2011 to achieve its goal of financial education for all young people. From September 2014, personal finance will be taught in all maintained secondary schools in England through in both mathematics and citizenship education. This has been a huge victory and a big leap forward for the campaign. As pfeg argued in its response to the consultation on the new draft National Curriculum, we must now press for financial education to be taught in every school, including at primary level and in the growing number of Academies and Free Schools not bound to follow the National Curriculum.
September 2014 is now less than 18 months away – making this year’s My Money Week even more important as a way for teachers to give their pupils a head start in these crucial life skills.
Since the first My Money Week in 2009, more than three million young people have been helped to understand more about money and personal finance through focused activities in schools. Last year around 500,000 young people took part in My Money Week activities, with 99 percent of teachers reporting an increase in skills and knowledge and 91 percent of teachers reporting a shift in students’ attitudes towards money.
As I will be saying later at our Parliamentary launch, we are aiming for a record-breaking year. As the government acknowledged through its inclusion in the new National Curriculum, financial education is essential if we are to give young people a good start in life. We need to ensure that every young person is equipped with the skills, knowledge and confidence they need to manage their money well – and this year’s My Money Week, now just a month away, is a great place to start.
The Parliamentary launch of My Money Week 2013 will take place today (Wednesday 8th May) in the Churchill Room of the House of Commons from 4-6pm. For more information or to request a place please email philippa.delacy@pfeg.orgor call 07725204794.
In addition, if you are or an MP or researcher and want to find out more about My Money Week (3 to 9 June) or arrange a visit to one of your local schools taking part, please let us know by emailing philippa.delacy@pfeg.orgor calling 0207 330 9470.