NI Parents and Teachers Call for Better Financial Education for Teens

Findings of Ulster Bank study released as part of inaugural MoneySense Week

 The significant majority of parents and teachers want financial education included as a compulsory part of the school curriculum, a major study reveals today (Wednesday October 1, 2014).

 The findings emerge from research amongst 740 Northern Ireland parents and post-primary teachers regarding financial literacy issues, commissioned by Ulster Bank and carried out by the polling company LucidTalk.

 The study was done during September and is launched today (Wednesday October 1, 2014) as part of MoneySense Week (29^th September to 5^th October).

 Almost 100 per cent of both parents and teachers polled said that it was either important or very important for children to become financially literate, and almost 90 per said that schools should include financial education as a course option, with three quarters saying that it should be compulsory (77 percent of parents and 73 percent of teachers).

 Despite this, 85 per cent of parents admit that they have never actively sought out information to teach their child to be more financially literate, and almost two-thirds of teachers believe that they don’t have the resources to teach the subject to their students.

 Other findings include:

• Just over one-third of parents say that they link giving their child spending or pocket money to doing chores
• Almost one-in-ten parents don’t give their child pocket money at all
• 95 percent of parents talk to their child about the importance of saving
• Half of teachers believe that today’s students don’t understand financial literacy and the importance of budgeting, saving and managing money
• Only a quarter of teachers believe that today’s students are more financially responsible than students were 10 years ago
• Only one-third of parents say that their child saves money regularly

 Jill Smyth, Head of MoneySense at Ulster Bank, says: “It is very encouraging to see such strong recognition amongst parents and teachers of the importance of teaching financial literacy. However, it is clear that more can be done to equip young people with the financial skills they will need in later life.”

 “Whilst parents are recognised as being the most important influence on a child’s attitude to money, both schools and banks have an important part in this, and through our MoneySense programme, Ulster Bank is committed to playing a leading role. During MoneySense Week, we would encourage parents, teachers and others to explore ways in which they can help ensure that young people are well equipped for the financial challenges of later life. Visiting the MoneySense website is a good place to start,” she continues.

 MoneySense Week has been introduced by Ulster Bank to focus attention on the importance of financial education at home and in school. It takes place this week (September 29^th – October 5^th) and parents, teachers and others are being encouraged to find out more about MoneySense and financial education.

 Ulster Bank’s MoneySense is a free, online resource open to all teachers in schools on the island of Ireland. Throughout the course of MoneySense Week, Ulster Bank is running a range of activities across Northern Ireland to highlight the importance of financial literacy.

 Teachers can use MoneySense independently or can call on the support of trained Ulster Bank volunteers who visit schools to deliver financial education seminars covering banking, budgeting, setting up a business and preparing for the world of work. For more information visit www.UlsterBank.co.uk/moneysense

 Ulster Bank also launched a MoneySense at Home initiative in 2013.It is designed to help parents talk to their families about money and to teach their kids about the value of money. Visit www.UlsterBank.co.uk/moneysenseathome for lots of guidance, and useful hints and tips.