Teaching values-based financial education in primary schools

In today’s rapidly changing and increasingly digital world, financial literacy is vital for children.

As they grow, children will face complex emotional and ethical questions about money and how they use it. However, traditional approaches to financial education often focus on money knowledge and skills, such as counting coins, budgeting and saving. This means that young people miss out on a key component of financial education: aligning management of money and financial decisions with personal values and aspirations.

Values-based financial education provides a holistic approach that emphasises personal values, emotions and social responsibility into financial learning. It fosters a deeper understanding in children of how financial choices impact not only their own lives, but also the people, communities and environment around them.

At Just Finance Foundation, we teach this approach through four key values in our LifeSavers programme: generosity, justice, wisdom and thankfulness. Participating LifeSavers schools tell us that this unique approach to financial education improves pupil engagement and enriches learning:

“I enjoy the way that [LifeSavers] values incorporate into our school values, using the Milo bear to encourage children to talk about their views and ideas, and teaching children about how to be sensible with money in a fun way”. - PSHE Lead, Hampshire

By adopting values-based financial education at your school, you can empower pupils with the skills to make informed decisions that align with their values and aspirations – and contribute positively to the world around them.

OUR TOP TIPS FOR EFFECTIVELY INTEGRATING VALUES-BASED FINANCIAL EDUCATION:

• Provide a safe space to explore money talk. It’s ok for children to feel and think differently about the same topic.

• Use real-life examples to illustrate the potential consequences of different money choices.

• Consider activities that allow children to explore their own values and feelings, and how this influences their behaviour with money.

• Promote critical thinking by encouraging children to question and analyse common knowledge about money - you’d be surprised what they have already absorbed as

true or factual!