Cost of living crisis brings need for financial literacy in young people into stark reality, says charity
Young Enterprise Scotland is highlighting the importance of financial education for young people during UK Savings Week.
Running from the 18th – 24th September, UK Savings Week is a campaign designed to heighten awareness of the benefits of saving, and creating positive attitudes towards financial resilience.
The call for awareness comes on the back of findings which show just 50% of 12-17 year olds in Scotland recall learning about money management in school (MaPs, 2020). A figure which is concerning in light of the current cost of living crisis.
The charity has created and developed Scotland’s Financial Schools programme to support the implementation of financial education in the curriculum, with the aim that every young person in Scotland is equipped with essential financial skills that will support them into adulthood.
The programme provides practitioners with support and a wide range of resources to develop their own understanding and support their students, including workshops, online modules, and their free ‘’Your Money Matters’ textbook, created through funding and support from Money Saving Expert, Martin Lewis. Featuring tips on budgeting, borrowing, and recognising scams and fraud, the textbook can be accessed for free on their website.
Emma Soanes, Chief Executive of Young Enterprise Scotland, said: “It has never been more important for young people to have the skills and knowledge to set them up for success, and financial education is a key component.
“We are determined that every child in Scotland should have access to financial education from an early age, and we aim to support teachers and schools to deliver this across the country.”
Financial education for young people is central to the work of Young Enterprise Scotland, which works with volunteers from the business community to deliver a future-proof programme of blended learning that is accessible to all. They also work with budding entrepreneurs, nurturing business ideas and supporting young people to bring their ideas to life, whilst developing skills and achieving their goals.
Find out more about Scotland’s Financial Schools here: