The charity is to work with nearly 50 primary schools in “deprived areas” of the country to examine whether giving children formal lessons in money management can benefit them later in life.
Its ultimate goal is “to improve the financial literacy of 4.7 million children by 2030” by providing a “blueprint” for a national financial education policy, the association said.
The charity’s chief executive, Sarah Marks, said the project – named ‘Change the Game’ – aimed to “develop skills that are built to last, while enabling us to gather concrete evidence of the impact of early and ongoing intervention education on children’s financial understanding”.
“We strongly believe that a basic understanding of debt, saving and investing needs to be planted in the primary generation to prevent financial illiteracy from worsening in the UK,” Marks said.
“In partnership with our partners, schools and volunteers, we believe we can empower more children with this knowledge and enable them to take control of their money without being hindered by the consequences of wasteful spending habits. from an early age.”
Marks added that previous research has shown that financial habits are learned early in life, meaning improving education at primary school level could give children “a good head start.” “.
RedSTART will deliver financial literacy courses to 47 schools while Kings College Policy Institute has been commissioned to conduct a comprehensive study of the impact of educational work. Boston Consulting Group and asset manager Robeco will then measure the effects of the project against relevant sustainability goals.
Other partners include asset managers Aviva Investors, CQS, JO Hambro Capital Management, Lazard, MFS, Ninety One and State Street, alongside Legal & General, Pension Insurance Corporation, Independent Trustee Services, Altus and Man Charitable Trust .