Rishi Sunak offers money management advice to Northallerton schoolchildren

Mr Sunak, who is MP for Richmond, visited Alverton Community Primary School in Northallerton on Friday to support the work of the KickStart Money financial education programme.

The programme, which is delivered by the financial education charity MyBnk and funded by The Centre for Financial Capability charity, intends to build a national savings culture and improve young people's financial knowledge.

The Centre for Financial Capability is backed by an award-winning coalition of 20 savings and investment firms who have donated over £1 million to fund the primary financial education to over 20,000 primary pupils across the UK.

Mr Sunak explained his role as Chancellor and described how the Treasury works while he watched children learn about the importance of setting savings goals, having a bank account and understanding other key financial concepts such as interest rates and risks.

He said: “Money management is a vital life skill and every child in the UK should learn from an early age how basic finances work. It is essential that we prepare the next generation for adult life by equipping children and young people with the right tools to help build financial resilience for the future.

“Charities such as The Centre for Financial Capability, and their award-winning KickStart Money Programme, are crucial to improving financial capability across the UK. I look forward to hearing about future sessions taking place in Richmond and for other schools to sign up to this exciting and necessary initiative.”

Research commissioned by The Centre for Financial Capability last year showed only one fifth of primary school children have been taught how to look after their money despite money habits being formed as early as seven years old.

Jane Goodland, Trustee of The Centre for Financial Capability said: “It is fantastic to have the Chancellor visit a KickStart Money session and see his support for early intervention financial education.

“The Centre for Financial Capability is delighted to fund the KickStart Money programme which aims to educate children about money at the age when habits are first formed. Financial education at a primary level presents a real opportunity to level the playing field and build strong financial capability for every child, better preparing the next generation for future economic crises.

“Every child in the UK should be supported to navigate critical financial decisions in later life, starting at primary school and we call on the Government to take the lead and ensure every child in the UK is taught vital savings skills”.

Guy Rigden, chief executive of My Bnk, said: “We are delighted to have Rishi Sunak’s support for effective early intervention financial education. We believe that to properly manage your money, you need to start learning about it from an early age to make positive choices in the future. In partnership with The Centre for Financial Capability, MyBnk can continue to build positive money mindsets and habits from age seven.”

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