New research from Prudential Cha-Ching shows that four out of five (80 percent) primary school teachers in England and Wales want to see financial education placed on the school curriculum while 69 percent believe that parents should receive more support in helping children understand financial matters.
The research also identified the impact of society’s reliance on cards and not cash to pay for daily purchases as 67 percent of teachers said children’s mental arithmetic skills are suffering because of this.
Around 81 percent of teachers said 7-11 year olds do not know enough for their age group about money and personal finance, whilst just one in eight (13 percent) think this age group have a good enough understanding about money and personal finance.
However, the research also reveals that while three quarters (75 percent) of teachers are comfortable enough to teach children about money, one in nine (11 percent) believe they don’t know enough about money and financial services themselves to teach the subject.
The findings were shared at a meeting of Parliamentarians, chaired by Julian Knight MP, who were looking at how financial education can improve social mobility and the importance of early intervention.
Launched in 2011, Cha-Ching was developed by Prudential Corporation Asia, the Asian business of Prudential plc, the UK-based financial services group, in response to a growing interest and need for, child-focused financial education.
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