Money Matters – Portsmouth High School delivers financial education programme to children from five

Money Matters; a financial education programme being developed by Paul Marshallsay, Head of Prep at Portsmouth High School, for the GDST has been rolled out to children from age five.

In a world where cash is used less and less, younger children are developing the idea that there is a magic card or phone that can get them what they desire. At Portsmouth High School the aim is to help girls be more aware of money in a numerical sense, thereby understanding the relationship between that and the things that they have around them. Crucial to this is the difference between wants and needs, as well as the ability to understand and plan personal budgets.

‘The lessons are delivered in a fun and engaging way.’ Said Headmaster, Mr Paul Marshallsay. ‘This allows the children to explore the concepts whilst planning exciting events and projects. These are the first steps towards them having a responsible and independent approach to financial education and we begin when the girls are just five years old.’

As the lessons progress through the year groups the children explore topics such as budgeting, saving, investing and wants versus needs.

‘I had so much fun with the budgeting games,’ said one Year 4 pupil. ‘It was like a money adventure, and I learned how to save and spend wisely.’

Financial education is a crucial aspect of a child’s overall education that is often overlooked. Many parents and educators focus on subjects like mathematics, science, and languages, but neglect to engage children about money management and financial literacy. However, teaching them about finances from a young age is essential for their future success and well-being.

‘One of the main reasons why it is important to teach younger children about financial education is to instil good money habits early on,’ continues Mr Marshallsay. ‘By discussing the basics of budgeting, saving, and investing, parents and educators can help them develop a healthy relationship with money and avoid financial pitfalls in the future. Children who learn about financial literacy are more likely to make responsible financial decisions as adults and avoid debt and financial hardship.’

‘The money tasks were fun and exciting,’ said another pupil. ‘It taught me how to plan for things I really want without wasting my money.’

Mr Marshallsay concluded:

‘Teaching children about finances can help them develop important life skills such as critical thinking, problem-solving, and decision-making. Children can learn how to analyse situations, make informed choices, and plan for the future. These skills are important for success in all areas of life.

Teaching children about financial education is crucial for their future success and well-being. By instilling good money habits, developing important life skills, empowering children to be independent, and teaching them the value of hard work, parents and educators can help children become financially responsible adults who are capable of navigating the complexities of the modern world. It is never too early to start teaching children about finances, and the benefits of financial education will last a lifetime.’