Why financial education is important:
In addition financial literacy is strongly related to socio-demographic characteristics and family financial sophistication – children from better off families have greater knowledge than those from poorer households. Observational evidence in the UK would endorse these findings.
We aim to target those at the start of adulthood to be more financially literate, particularly in poorer areas, tackles issues of poverty, social inequality and social mobility. Over 50% of families in the borough are benefit-dependent and there’s has been a proliferation of money lenders and money shops in the town centre.
“The statistics show that, within London in 2014, Barking and Dagenham had high rates of individual insolvencies, individual voluntary arrangements (IVAs), of bankruptcy orders after the City of London and debt relief orders in London” Source JSNA
Why people should donate for our project:
Financial knowledge has been categorised as a form of investment in human capital.
Teaching financial knowledge has important implications for welfare and for the economy as well as for the personal situation and contribution to society by individuals. Studies in the US have shown that financial literacy is low among the young.
In addition financial literacy is strongly related to socio-demographic characteristics and family financial sophistication – children from better off families have greater knowledge than those from poorer households. Observational evidence in the UK would endorse these findings. Studies indicate that future Child poverty is linked with poor financial literacy skills, poor numeracy and poor mental health.
High on the agenda for the Department of Education is to have inclusion of financial literacy and Maths in the school curriculum – particularly PHSE. The money game presents a fun, engaging and interactive way to introduce new ideas and change money habits, enhance exam results in the mentioned subjects also equip children with leadership and decision making skills.
Donation will pay for:
We have developed a youth -oriented money board game. It is a fun, interactive and innovative way to address low financial literacy, poor numeracy, low educational attainment and engagement with Maths! The game requires those playing to make decisions about financial priorities whilst exposing them to the financial implications of real-life situations. We also plan to run a teaching programme with prompts and presentations on the subject area.
Our money game features real life scenarios that encourage calculations, discussions and reasoning. During and after the game there will be discussions about the choices made and explanations of new concepts and terminology. The sessions are intended to be fun, interactive, practical and relevant to their everyday lives.
To implement a volunteer led financial literacy programme for young people from secondary school age and upwards to sixth form, including teachers and parents. It will pay for volunteer expenses, office rent, insurance, equipment, room hire to run community workshops, session worker fees, promotion, refreshments, monitoring and evaluation.
People who will benefit:
We are targeting these sessions at groups of 10 young people (at a time) aged 10 –17 years. There will be scope for some members of these groups to be supported to become peer leaders to other young people in matters relating to money management and to be involved in the design and development the game. They will be running surveys, developing presentation, project management. We expect about 50 families to benefit. Additional people will consist of immediate relatives, parents and teachers.
Stream 2: A teenager said, ” I used to spend every money I get but now I think first before I spend; another said, “”I’ve started thinking about saving money a lot more than I used to, and I’m trying to save more and spend less,” about the workshops, “…it’s helping in my school life and helping me to concentrate in lessons…” An English teacher comments that ”…English report writing has improved…”
Beam County Primary School has purchased a money game for the Maths Department and Diana, the Parent Support Adviser says, the school is running a Money Wize competition and “the head teacher is pleased!”
bMoneywize provides an innovative educational solution to teaching young people financial literacy and numeracy skills in an increasingly “Cashless Society.”
We aim to become a world leader at equipping a younger generation with timely financial skills to enable them make debt-free choices in an increasingly cashless society!
We provide resources and services in form of interactive educational games and workshops respectively.