Question: What do students want more of in PSHE/Personal Development? Answer: Financial Education

One of the PSHE topics that students tell us they want more of is how to budget and manage finances. More than ever, this is a subject at the forefront of everyone’s mind including students, particularly as they move towards the top end of school when becoming more independent is looming large.

So, what can teachers do to support young people navigate these important topics? Here are five tips that help you to think about how you can support your students to better understand their finances.

1. Introduce basic financial concept.

Financial terms can be confusing, even for adults! It can be easy to assume that someone already knows what Tax is, or the difference between an ISA and a current account, but these are all terms that many pupils may not have encountered.

Teaching about financial concepts can start early, for example discussing the difference between wants and needs, and how to budget any income (such as pocket money or money from a part time job). As your students get older, they are likely to be interested in finding out more about salaries, tax and what their National Insurance number really means. Explaining these concepts using relatable terms will help students start to develop a good understanding of the basics.

2. Emphasise the importance of managing money and budgeting.

The importance of budgeting can be explained using case studies and hypothetical scenarios that provide relevant examples. Students can be encouraged to put this learning into action by tracking their income and expenses, including any allowances, part-time job earnings or gifts.

Introduce the concept of earning or saving money for future goals or emergencies but include consideration of instances where saving may not be possible due to lack of income.

Discussing delayed gratification can also benefit your students by helping them to see how budgeting and saving need to be factored into their long-term financial goals. Consider the different types of savings options available to them and discuss the concept of interest and how it can grow their savings. Research activities on financial services and websites available to them that can help them set up the appropriate bank accounts for their situation and goals. There are lots of online resources available.

3. Help them plan for their future financial obligations.

Young people are often expected to make decisions that impact their future from a young age. This can lead to an overwhelming amount of information to consider when they are making these decisions and financial considerations may be part of this. One way you can support your students is to help them set short-term and long-term financial goals. This could include saving for a specific item, building an emergency fund, or planning for future education expenses. Whether students are considering university, college or looking for employment there will be financial implications to think about. Feedback from students via our online survey emphasises the importance of this education.

4. Build awareness of financial risks

It is likely that students will have picked up on the latest news and media conversations surrounding finances, this may be the impact of global unrest on finances such as the Cost-of-Living Crisis that many economies have been experiencing. Even if they are not yet concerned for their own circumstances, they may be aware of someone in their family or wider community who is experiencing financial difficulties. This is why it is crucial that the fundamentals of financial risk management are explained to young people, so they do not feel out of the loop when it comes to concerns in the financial world.

Explain the basics of credit and the importance of maintaining a good credit score. Discuss the risks and benefits of credit cards and loans, emphasising responsible use. Make sure to include other means of payment such as pay in instalment options or pay-day loans. When students are aware of the risks and terminology (such as APR), they can make their own choices with a better understanding.

Create an open line of communication between you and your students, encouraging them to ask questions and seek guidance on financial matters when needed. Your knowledge and advice can set them on a path to making confident and well-informed financial decisions.

Reassure your students by letting them know that professional advice is available about financial problems, much of which is free of charge and confidential.

5. Build financial literacy.

Like any other area of personal development or PSHE, a spiral, progressive curriculum will help ensure that as students get older, more financial concepts and products can be introduced to improve their financial literacy. This could include explaining about various financial products, such as insurance, pensions, and ISAs. The concept of investing and the potential benefits of long-term investment strategies can be introduced and of course there are lots of links with careers education that you can draw on to help connect learning.

Financial Education with Chameleon PDE.

Like many topics in personal development education, it can be difficult to know what and what not to say. Try not to worry, you don’t need to turn into an accredited financial advisor to help your students with their financial literacy. Make sure you explain the concepts and teach the basics they will need to build their knowledge upon.

At Chameleon PDE, we have designed age-appropriate financial education resources for teachers to use with their students at the different stages of their education journey. From managing money at secondary school to budgeting and financing in the future, you can find what you need to confidently educate your students on the fundamentals of finances. We have a range of materials you can find under the ‘Future Choices and Money’ section of our resource library to suit the needs of your students and like all other resources this can be edited to meet the needs of your students.

Want to find out more about Chameleon PDE?

Create a free account now to download examples of our resources (also for free!) to see for yourself what Chameleon PDE can do for you.

Have a look at our webpage for secondary schools here  or contact us for an informal chat at info@chameleonpde.com

Our ‘wrap round’ PSHE support won the best secondary resource category at this year’s National Education Resources Awards and our services aim to provide PSHE/PD leads with the tools to put them firmly in the driving seat. By collaborating closely with our partner schools, listening to students, and collaborating with our teacher advisory board we can confidently say ‘we’ve got you covered.’