Schoolchildren across the UK have the opportunity to learn more about money and personal finance as the annual My Money Week launches today. The Week is run by the UK’s leading financial and enterprise education charity Young Enterprise, incorporating pfeg (Personal Finance Education Group).
This year, Young Enterprise is working with Visa Europe to offer a national competition as part of My Money Week, focusing on digital finance. This comes as The Payments Council announces that cashless payments overtake notes and coins for the first time.
Running from the 8th to the 14th June, the Week aims to improve young people’s financial skills, knowledge and confidence through special lessons and activities. Teachers will also benefit from access to free My Money Week resources, including a weekly planner full of creative and engaging activities and ideas on how to deliver financial education to young people.
The competition, supported by Visa Europe, challenges primary school children to design a set of ‘Top Trumps’ style cards – The Spender, The Saver and The Giver, and secondary school students to develop a comic strip from one of three starting scenarios. Special lesson plans have been developed to support learning and to generate creative competition entries.
Kevin Jenkins, UK & Ireland Managing Director of Visa Europe, said: “With technology change influencing all aspects of society, including how we spend and pay, it is hugely important to equip young people from an early age with the understanding and financial capability needed in today’s increasingly digital world.
“We are very pleased to be working with Young Enterprise on the competition element of My Money Week. This is a brilliant initiative which has supported 4.3 million young people to improve these skills over the years.”
Michael Mercieca, Chief Executive of Young Enterprise, incorporating pfeg, said: “My Money Week gives young people the chance to improve their financial literacy and enables teachers to help their students with online resources and support.
“Digital finance is increasing in importance as young people are exposed to financial decisions at an earlier age, and more digital products are available for young people than ever before.
“Working with Visa Europe this year means we can run the competition, continue to provide the high quality resources and support that pfeg have previously delivered and promote learning about digital finance within financial education.”
This year’s My Money Week is the first since financial education joined the National Secondary School Curriculum for England and Wales. The initiative supports young people from the age of four up to 19, benefitting both teachers and students.
Since the first My Money Week in 2009, millions of young people have been helped to understand more about money and personal finance through focused activities in schools.
This year’s focus on digital finance comes as the Payments Council announces that 52% of all payments was made up of electronic transactions, ranging from high-value transfers to debit card payments and cheques.