Case study: financial education in primary schools

Savings schools

“It’s not just about savings. It’s about children prioritising their needs and wants, understanding that not everything comes at once and that some things are worth waiting for. It’s about realistically managing your resources.” (Cumbrian primary school head)

This project aimed to embed the idea and practice of savings in the curriculum of Cumbrian primary schools and make savings an integral part of the lives of their children. Its key objectives were to:

 develop saving and money management as a rich context for learning  embed savings as part of the ethos of the school as it prepares children to manage their lives  encourage children and their families to actually open savings accounts and provide opportunities for them deposit money via the school.

The teachers involved in the project reviewed the some schools’ previous experience of running savings schemes and questioned why many of these had faltered. Then they devised strategies to ensure that savings became an integral and sustained part of the ethos and curriculum of the school. These included:  having a set morning once a week for deposits  following this by a regular mathematics lesson where the savings account was checked and managed using savings books, bank statements and pupils’ own records  making savings a focus for lessons in as many subjects as possible  using assemblies to discuss savings and reward/recognise regular savers  encouraging participation at parents’ meetings

[These strategies are described in more detail in the document ‘Guide to Savings Schools’ (see below)]

The schools also set up relationships with financial organisations so that children had individual savings accounts. This involved close working with a specific employee of a bank, building society or credit union so money handling and recording procedures could be jointly worked out.

Other activities The schools:  audited what money-related learning was already going on in their schools and whether there were any gaps  devised whole school plans which coordinated this learning under the umbrella of savings so as to embed it within the school curriculum  designed lesson plans and resources.  tried out activities. www.pfeg.org The schools in Cumbria captured their learning and development in two documents: 1. ‘Guide to Savings Schools’ which offers advice about setting up and running a savings school 2. ‘Savings Schools Primary Maths’ which shows how activities related to opening and managing savings accounts cover much of the primary maths curriculum.

Evidence of success The project lasted only a year so it is a little early to judge it effectiveness. However some points can be made as follows: 1. Teachers reported great enthusiasm amongst their pupils for learning about savings. The fact that this learning was directly applicable to their own and their family’s lives was a very strong engagement factor. 2. The savings idea provided a context in which to coordinate what were previously disparate learning activities and became a focus for genuine cross-curricular work in art, English, geography, history, mathematics and PSHE. 3. Although the take-up of savings accounts via schools was initially low at around 10%, teachers reported rising levels of interest among parents and a take-up rate soon rising to 25% of pupils. These figures represent a positive start. 4. Infant and primary schools have particularly close relationships with parents and many of the latter were enthusiastic about good habits spreading throughout their families. 5. Teachers reported increased confidence and competence amongst their students over the year. They specifically favoured integral assessment. As one teacher commented “With life skills you can see immediately whether a child can do it or not.”

Schools particularly involved in development:  Ellenborough and Ewanrigg Infants School, Maryport  Ewanrigg Junior School, Maryport  Maryport Infant School, Maryport  Our Lady and St Patrick's Catholic Primary School, Maryport  St Joseph's Catholic Primary School, Cockermouth

Leading teacher:  Tina Ellis, Head, Maryport Infant School

www.pfeg.org