We are always looking for ways to prepare our children for the future, not only academically, but also with the practical life skills needed for everyday adult life.
This week, we began creating a new Financial Literacy display within the home to help introduce simple money management skills in a fun, engaging and practical way. It marks the beginning of our commitment to ensuring all of our young people develop the confidence and skills needed to succeed independently in the future.
Understanding how to budget, save money, pay bills on time, and plan ahead are essential life skills. However, many young people are never formally taught these areas, despite financial literacy being widely recognised by organisations such as the Organisation for Economic Co-operation and Development as an important competency for young people.
“In the 14 OECD countries assessed in PISA 2022, 18% of students, on average, do not have basic proficiency in financial literacy.”
This means they are not yet able to apply their knowledge to real-life situations involving financial issues and decisions. Improving financial literacy can support better money management now and smarter financial decisions in adult life.
Source: OECD, PISA 2022
For our children growing up within our family, these lessons can play an important role in helping build confidence, independence, responsibility, and long-term stability.
The display introduces real-life concepts such as salaries, savings, school fees, transport costs, and emergency funds in a simple and accessible format designed for young learners.
Alongside the display, we will soon begin using the Squirrel Education platform to help children practically apply these skills through interactive learning and we look forward to sharing more over the coming weeks.
Thank you to Lewis and Hayley for introducing this initiative, and to the Squirrel Education team for providing this opportunity to our children.
