This week in Maths we have been learning about 'Financial Literacy.'
Why teach personal finance education?
All children are entitled to learn the attitudes, skills, and knowledge that will prepare them for the economic reality of their lives now and in the future. Recent research has revealed that children are dealing with money matters at an early age. (Research is England based, and some aspects may not be relevant or true in Qatar)
• Children as young as seven will offer to do chores to boost their spending power. By comparison, most parents didn’t work for money until they were ten.
• The average eight year old already has a mobile phone.
• By the time they are ten, children are likely to be shopping online using their parents’ credit or debit cards.
• Children now have greater spending power than ever before, with average weekly pocket money totalling £6.32, compared with £3.77 for their parents and £2.38 for grandparents in the equivalent of today’s money.
The evidence is clear. Children, like adults, are faced with a host of choices about money. Personal finance education aims to provide children with the ability to make sound decisions in their everyday lives, and to grow into adults who know how to keep track of their finances, plan ahead, spend wisely and confidently negotiate the world of finance.
In Year 5 we have focussed on Budgeting skills; how to budget for a day out, how to budget for school resources and how to balance income and spending. Many understood that ideally spending should not be more than income.
Here we are tackling our learning; the children had to show many attributes of the DBS Learner Profile for these challenges.