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Learning and Teaching Scotland, 74 Victoria Crescent Road, Glasgow G12 9JN Tel: 0141 337 5000 Fax: 0141 337 5050

www.LTScotland.org.uk e: [email protected]

Scottish Centre for Financial Education

Financial Education in Scottish Primary SchoolsBuilding on Existing Practice

Financial Education in Scottish Primary Schools i

Scottish Centre for Financial Education

Financial Education in Scottish Primary SchoolsBuilding on existing practice

Financial Education in Scottish Primary Schoolsii

First published 2005

© Learning and Teaching Scotland 2005

ISBN-13: 978-184399-107-6

ISBN-10: 1-84399-107-1

Financial Education in Scottish Primary Schools iii

Contents

Rationale 1

Introduction 3 A Curriculum for Excellence 3 School policy 3 Planning for financial education 4 Learning and teaching 4 Managing and supporting development in financial education 5 Issues relating to inclusion 5

Financial education in the curriculum 7

Early Years – My family in our community 8 Middle Primary – My community in our country 10 Later Primary – My country in our world 12

Young Enterprise Scotland 15 Primary programme 15

Useful resources 17 Websites 17 Printed materials 17

Acknowledgements 19

Financial Education in Scottish Primary Schools �

The Scottish Centre for Financial Education was established in 2002 to promote financial education for early years, primary schools and secondary schools, and across a wide range of curriculum and subject areas. Managing money is an important and challenging part of everyday life and it is hoped that this resource will promote a greater understanding of the problems and issues that everyone needs to address.

This document is offered as interim advice during the run-up to the development of A Curriculum for Excellence.

Rationale


In December 1999, Scottish CCC, now Learning and Teaching Scotland, published Financial Education in Scottish Schools – A Statement of Position.1 This document describes how managing money is one of the most important and challenging features of everyday living and outlines a minimum entitlement within this area of the curriculum. Whether as employees, employers, self-employed persons or voluntary workers, people need to:

• understand key financial and economic ideas• be skilled in managing their financial affairs• recognise the importance of using financial resources responsibly • be able to operate in a confident and enterprising manner.

Continuing social, economic and political change over the last five years has meant that the development of financial capability is even more pressing. Issues surrounding pensions, insurance and increasing levels of personal debt mean that there is a greater need for individuals to take a more active and informed interest in their own financial future.

A Curriculum for ExcellenceDeveloping each individual’s financial capability, from early years through to 18, can enhance life chances and choices. It can help all young people achieve the four purposes of A Curriculum for Excellence, particularly in becoming responsible citizens and effective contributors2 to society and at work, with an informed sense of their roles in the world.

Activities to develop financial capability, where outcomes not only benefit others but also encourage a sense of responsibility to the community and society as a whole, help young people to understand the connections between enterprise and active citizenship.

Because children learn through all of their experiences, the curriculum needs to recognise and complement the contributions that these experiences can make. This is particularly the case in financial education, where many attitudes are based on what the young people experience at an early age.

School policyResearch has shown that young people on leaving school feel that this area of education has not been sufficiently developed to meet their needs.3 Senior management, as with other aspects of a school’s provision, will want to consider their policies and practices for financial education in relation to A Curriculum for Excellence, National Priorities, education for citizenship and enterprise in education. The statement on numeracy published by the Scottish Executive recognises the importance of financial education in raising attainment and in tackling issues of inclusion and lifelong learning.4

Introduction

1 Scottish CCC, Financial Education in Scottish Schools: A Statement of Position, 1999.2 Scottish Executive, A Curriculum for Excellence: The Curriculum Review Group, 2004.3 Financial Services Authority, Young people and financial matters, 2004.4 Scottish Executive, National Statement for Improving Attainment in Numeracy in Schools, 2002.

Financial Education in Scottish Primary Schools�

Planning for financial educationThe position paper on financial education takes the view that young people’s entitlement to financial education can be secured within the current curriculum. This can include studies in:

• mathematics• language• personal and social education• environmental studies.

However, financial capability can be developed in other areas such as:

• expressive arts• religious and moral education• information and communications technology

where other memorable experiences and powerful messages can be given.This entitlement is continued at the secondary stage through studies of subjects that all young people continue with until age 16. These are mathematics, language and personal and social education. In addition, studies in other non-core subjects such as home economics and business education can make an important contribution. Section 3 of Financial Education in Scottish Schools: A Guide for Teachers and Managers (Scottish CCC, 1999) describes an auditing process that can be used to ‘map’ provision for financial education within and across these areas of study.

Learning and teachingTo prepare young people for the financial challenges they will face now and in the future it will be helpful if they have opportunities to experience a combination of learning activities including:

• identifying and tackling financial problems related to everyday situations and issues• engaging critically with economic, social and moral issues focusing on a variety of situations and scenarios.

Various resources are available to do this and details are available through the Scottish Centre for Financial Education and on a website organised by the Personal Finance Education Group at www.pfeg.org.

http://www.pfeg.org


Managing and supporting developments in financial educationManagers have a key role to play in supporting the evaluation and development of their school’s provision for financial education by:

• developing a clear rationale and policy that demonstrates clear links with other areas such as citizenship or enterprise in education• identifying through established self-evaluation processes the extent and quality of financial education and priorities for improvement• providing opportunities for staff to plan pupils’ learning.

Issues relating to inclusionYoung people from different social and economic backgrounds will have varied experiences of dealing with money. However, regardless of background all young people will benefit from advice on coping with financial matters now and in the future.

It is important to recognise significant religious and cultural values and attitudes. The UK banking system is not universally acceptable. Take advice from local community leaders if you consider that this may be an issue in your area.


Financial education should be a cross-curricular element of young people’s learning. One of the areas where strong connections can be made is environmental studies: ‘people in society’. The following illustration is typical of the way in which schools plan their work in this area of the curriculum. Over the years from pre-school to later primary, progression may be planned through the following or similar topics.

EarlyYears MiddlePrimary LaterPrimary

My family and My community in My country inour community our country our world

The following pages identify possible curricular links that can be made in taking these examples forward. In particular, the continuity of learning from pre-school through the primary years is recognised in the curricular links outlined in the following pages. Each example illustrates the links that can be made to:

• education for citizenship• enterprise in education

that are essential in all areas of the curriculum and specifically to the subject areas of

• language• mathematics.

Other curriculum links can be made, for example to education for personal and social development, and religious and moral education.

Financial education in the curriculum

Financial Education in Scottish Primary Schools�

Early Years – My family in our communityThe work on the topic of ‘My family in our community’ may consider questions such as:

• Where does my family shop?

• What does my family buy?

• How does my family pay for things?

• What are the important things to buy?

• What influences what we buy?

• What else do we need to be comfortable?

• What do you do with any money left over?

Suggested activities for environmental studies

Visits to shop, post office or bank

Role play in class shop

Use notes and coins

Identify/discuss needs and wants

Examine different types of advertisement

Discuss peer pressure

Talk about what we spend money on

Discuss sources of income

Suggested resources

Money Counts Mega MoneyYES* – Ourselves YES – Our FamiliesMaths Counts Colossal Cards

* Young Enterprise Scotland – see page 15


Early Years – My family in our community

Possible curricular links

EducationforcitizenshipYoung people can be given opportunities to:

• share resources• discuss needs and wants• develop self-confidence

LanguageYoung people can be given opportunities to:

• discuss likes and dislikes• talk about responsibility• report on experiences

EnterpriseineducationYoung people can be given opportunities to:

• take part in a shopping experience• talk about profit-making and non-profit-making activities• talk to people who help us

MathematicsYoung people can be given opportunities to:

• collect, organise, display and interpret information• use notes and coins• discuss other methods of payment

My family in our community

Financial Education in Scottish Primary Schools�0

Middle Primary – My community in our countryThese ideas can be further developed through the work on environmental studies in the middle primary years. Focusing on the topic ‘My community in our country’, the following question-led approach could be used.

• What are the essential things my community should have?

• Where does the money come from to pay for these things?

• What influences how much we have to pay for these ‘essential things’?

• If there were funds left over how should these funds be used?

• How do people travel within my local community?

• How does my community depend on other communities?

• How do people travel from my local community to other parts of our country?

• What types of transport do people use and why?

• What are the costs of transport in my local community?


Discuss local council services

List local council services

Visit local council offices

Discuss local needs and wants

Invite local councillor to school

Produce information leaflet about local services

Investigate who organises and runs leisure/sports centres

Investigate the costs of train/bus fares

Investigate the costs of petrol/diesel

Prepare questionnaire for pupils, parents and staff

Survey adults to find where they work

Explore services and their location

Suggested resources

Money Counts Mega MoneyYES – Our community YES – Our CityColossal Cards Understanding People in Society: Society and You Citizenship Edition: Pupil Book

Financial Education in Scottish Primary Schools ��


• discuss influences on purchasing decisions• prepare questionnaires • read and interpret information


• take part in pupil council• discuss rights and responsibilities• take part in community activities• participate in Eco-school initiative


• take part in fundraising activities• produce information leaflet on local transport • develop ICT skills using spreadsheets and databases


• collect, organise, display and interpret information• evaluate best value• complete budgets

My community in our country

Middle Primary – My community in our country

Financial Education in Scottish Primary Schools��

Later Primary – My country in our worldTo complete this sequence of topics, the young people in the later years of primary school can focus on ‘My country in our world’. Building on the previous examples, a similar approach could be used.

• Are people’s needs the same regardless of where they live?

• Are these needs always met in Scotland?

• Are these needs always met in other countries?

• Which countries need our financial support and why?

• What evidence do you have to justify your answer?

• What goods do we buy from other countries?

• What goods do we sell to other countries?

• How can you as an individual make a difference?

• What effect do our decisions have on other countries?


Discuss needs and wants with respect to developed and developing countries

Collect evidence on the roles of different charities

Investigate what goods and services we produce in Scotland

Investigate what we buy from abroad

Investigate sources of energy and their costs and benefits

Investigate climate change and its potential impact on different countries

Discuss the response of multinational companies to global issues

Suggested resources

Money Counts Mega MoneyYES – Our Nation YES – Our WorldThe Red Box Understanding People in Society: The World and You Citizenship Edition: Pupil Book



• discuss media influences• write letters to obtain information• discuss who makes decisions in our society


• discuss taxation and foreign aid• investigate world debt• investigate the role of multinational organisations


• organise a charity event• investigate what is meant by fair trade• discuss imports and exports


• discuss interest rates• investigate savings and spending• talk about foreign currency

My country in our world

Later Primary – My country in our world


Primary ProgrammeYoung Enterprise Scotland is introducing a new programme aimed at all ages and ability levels in primary schools. This programme has six modules that articulate well with the topics illustrated in this support material. Primary schools may also find he programme very helpful for developing the skills and attitudes identified in enterprise in education.

OurselvesThis module focuses on individuals and the roles they play in society as workers and consumers.

Our familiesIn this module young people learn to identify and distinguish between a need and a want.

Our communityIn this module young people learn about money moving through the community and how the government works in order to supply services for the well-being of its citizens.

Our cityThis module identifies businesses that can be found in a typical city and the types of worker they require.

Our nationThis module introduces young people to the importance of starting businesses and wealth creation.

Our worldIn this module the young people are introduced to the concept of economic interdependence in that all of the countries in the world rely on each other through international trade.

For further information on how the programme works please contact

Young Enterprise ScotlandGraham Hills Building50 George Street Glasgow G1 1BA

Young Enterprise Scotland


WebsitesPrimary teachers may find the following resources and contacts useful.

www.LTScotland.org.uk–LearningandTeachingScotland

This website is a ‘one-stop shop’ for information on Scottish education. All of the activities of LT Scotland are covered here and it includes pages on the work of the Scottish Centre for Financial Education.

www.pfeg.org–PersonalFinanceEducationGroup

This is an excellent site for finding out about and accessing resources. There are sections on resources for 5–14, Standard Grade and post-16.

www.fsa.gov.uk–FinancialServicesAuthority

The Financial Services Authority is the independent body that regulates the financial services industry in the UK. One of the aims of the FSA is to promote public understanding of the financial system.

www.bbc.co.uk–BBContheinternet

There is a section on BBC learning dedicated to financial information.

www.channel4.com–Channel4learningontheinternet

Channel 4Learning produces many programmes that can be used in schools.

www.fairtrade.org.uk–FairtradeFoundation

This website gives a lot of information on the importance of fair trade for producers in the third world.

Printed materialsThe following printed materials may also be useful:

Money Counts – Financial Services AuthorityMega Money – Financial Services AuthorityColossal Cards – Financial Services AuthorityThe Red Box – The Inland RevenueMaths Counts – Norfolk Education Advisory ServiceUnderstanding People in Society: Society and You Citizenship Edition: Pupil Book ISBN 0 34081 441 1Understanding People in Society: The World and You Citizenship Edition: Pupil Book ISBN 0 34081 442 X

Useful resources

http://www.LTScotland.org.uk

http://www.pfeg.org

http://www.fsa.gov.uk

http://www.bbc.co.uk

http://www.channel4.com

http://www.fairtrade.org.uk


Acknowledgements

Learning and Teaching Scotland is grateful to the following individuals who have contributed as members of the working group on Financial Education in the Primary School.

Working Group MembersConnie Desmond, Headteacher, East Plean Primary School, Stirling

Roz McEwan, Depute Headteacher, Dunblane Primary School

Danny McGrorry, Headteacher, Richmond Park School, Glasgow

Norma MacPherson, Mathematics Coordinator, East Lothian Council

Isa Murphy, Quality Assurance Officer, Dumfries and Galloway Council

Jill Tanner, Financial Education Consultant

Learning and Teaching Scotland OfficersJames Lally, Director, Scottish Centre for Financial Education

Alan Starritt, Principal Education Officer

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