The education gap in the area of personal finance is becoming ever more evident. From September 2013, financial education in secondary schools became a mandatory part of the national curriculum, however, thanks in part to teachers not feeling confident delivering the subject, financial education has not been a priority for most schools.
Stepping into the gap, retail banks are now supporting financial education projects including RBS’ ‘MoneySense’ and Nationwide’s ‘Nationwide Education’, aimed at children from age 2 to 18+. The recently launched ‘Single Financial Guidance Body’, a new government initiative, also provides financial education relating to debt management and money and pensions guidance.
In the advice sector, the profession of money coaching, already well-established in the US and growing in the UK, offers more than straightforward financial education. Coaching programmes offer money management skills enabling participants to achieve financial resilience.
At Wealthflow, we know from experience a lack of financial education in childhood is exacerbated when substantial inheritances are being gifted, with parents often concerned their children will be overwhelmed and underprepared for the impact any inheritance will undoubtedly have. As a result, we have designed our Money Coach Programme to provide focused and relevant financial education, allowing parents to feel reassured their children will know how to successfully manage their financial lives. Programme participants gain practical money management skills, improved confidence around money, and ultimately, the ability to feel in financial control.
You can book a place on the programme at: www.wealthflowmoneycoach.com