From 6th-10th November, we're supporting Talk Money Week, which aims to combat the stigma of talking about our finances. Talking about money can be difficult, but building up the confidence to teach children about money can be even trickier for many of us.
MoneyHelper’s research into financial education reveals that only a third of young people have discussed money with their parents or guardians. We want to get children (and their teachers and parents!) talking about money and improving their knowledge together.
Junior Newbury Building Society
One of the ways we've been encouraging money confidence from an early age is through our pioneering financial education scheme, Junior Newbury Building Society (JNBS), which we have been running throughout Berkshire, Hampshire, and Oxfordshire since 2008.
Designed to support the primary school curriculum and run by our expert branch employees, the project encourages positive discussion around saving and spending, and promotes money savvy habits from an early age. It teaches children the entire savings process by opening a ‘branch’ in their school, with a little help from their teachers and Newbury’s branch employees, of course. Roleplay, such as being a ‘cashier’, effectively demonstrates the mechanics of saving in a fun and interactive way.
Money learning is also important for older children, particularly because they often have access to their own money and are likely to begin considering financial decisions such as opening a bank account, saving for university, or getting their first job. For secondary school aged children, we run personal finance and budgeting lessons in conjunction with financial education charity, WizeUp. These sessions take place virtually or in the classroom, and cover a range of topics including taxes, budgeting, savings, mortgages and inflation.
Ready for a place to put the pocket money?
Once your little one is ready, our Young Saver account for children 17 and under is an excellent choice to help them build a savings habit. With a minimum opening balance of £1 and their own passbook, it’s easy to use and perfect for that hard-earned pocket money! Alternatively, you can book an appointment with one of our qualified Saving's Advisers to find out more about our children's accounts - click here to book.
From pocket money to budgeting, you can also find a range of resources to support teaching your children about money on the MoneyHelper website.