The Money Advice Service and Big Lottery Fund in Wales have announced a collaboration on a new pilot project which aims to teach children money management skills.
The three year joint funded project – Talk, Learn, Do: Parents, Kids and Money - has been awarded £400,000 and is set to start at the beginning of September.
The aim of the pilot scheme is to motivate parents and equip them with the confidence and ability to develop the next generation of money savvy adults.
The pilot will be implemented via nearly half of all local authorities in Wales and will reach as many as 1,000 parents and 1,600 children aged 3 to 11.
Parents will be encouraged to help their children develop skills such as self-control, perseverance, sensible attitudes to money and setting financial goals.
Money management is less visible to children than ever before, especially with the shift away from cash to card and online spending, yet the opportunities to spend have increased exponentially.
Minister for Communities and Tackling Poverty, Lesley Griffiths, said:
“It is important for children to develop sound money management skills, which will stand them in good stead for the rest of their lives. This is why I am pleased the Money Advice Service will be working in partnership with Welsh Government initiatives, such as Families First, Flying Start and Communities First, on this pilot programme.
“The project is set to help parents support their children to develop self-control, perseverance, sensible attitudes to money and the ability to set financial goals – all of which are vital life skills.”
Encouraging numeracy and mathematics in the early years is an important skill that links with money management.
Maths in the early years is about so much more than number recognition and adding and taking away. It’s also about shape, pattern, space, measurements and solving real-life problems.
We need an understanding of numbers and shapes in all areas of our lives, when shopping, telling the time, budgeting, cooking, doing crafts. And solving problems is enormously satisfying and helps with creativity, cooperation, and real-world skills. All of these things underpin mathematical development.
You can help support children and guide parents in mathematical development which in turn will help support future money management skills. Find out more with our practice guide and take a look at the fantastic toys and resources we have in the shop. Plus here are some ideas to help with numbers and counting, money and more in this blog from Fundamentally Children.