Scarborough Building Society teaches children the value of money

Press release published on 7 August 2007 by Scarborough Building Society

• Over half of England’s teenagers are in debt by the age of 17…
• 90% worry about money and spending…
• Most think credit cards are a way of buying things they can’t afford…
• 80% of teenagers admit they don’t keep track of their finances…

These shocking insights into the financial outlook of today’s teens were unearthed recently by the Personal Finance Education Group (pfeg) - the national financial charity supporting schools in improving personal finance education*.

And they portray an alarming picture of the adults of the future.

In response to these shockers - and calls by the Government for better personal finance education in schools - Scarborough Building Society has created a fun and interactive teaching resource, which it is is making available to schools across England and Wales.

Developed in association with North Yorkshire teachers,pupils and the North Yorkshire Business Education Partnership (NYBEP), the pack includes an interactive computer game, workbooks and lesson plans. It is part of a drive by the Society to use its financial expertise to helpequip students from Years 9 and 10 (aged 13 and 14) with important information about money management – to help them avoid confusion, and hopefully debt, when they enter the big, wide world.

The game – which features funky contemporary graphics and characters in a bid to help youngsters relate to the complex topic of finance - has been awarded the pfeg Quality Mark. This means it has been independently tested and found to be accurate, up-to-date and appropriate classroom material for teaching personal finance education to students.

However, perhaps one of the most important elements of the whole package, are the staff volunteers from Scarborough who will be going out into local schools to deliver the lessons, using their expertise to help teachers bring the subject of personal finance to life.

John Carrier, Chief Executive of Scarborough Building Society said: ‘We are really excited about this project and the potential we have to really make a difference to the future prospectsfinancial outlook of so many learners young people.

‘With our people’s staff’s expertise and enthusiasm about the subject, we hope to make the lessons fun, interactive and interesting, and allow the students to learn important lessons from us which will help ensure them a more secure financial future.

‘Levels of debt are spiralling out of control in our region and across the UK, so it’s really important to act early and make sure that the next generation of adults are better informed about the potential pitfalls of finance – to help them avoid making the same mistakes.’

Sue Balf, partnership adviser at NYBEP, continued: ‘The whole premise of the resource is to help students get to grips with financial terms now, rather than being overwhelmed when they leave school.

‘Scarborough Building Society has invested a lot of time and funds into putting together a very extensive educational pack, and we are really pleased to be able to help them deliver this to a range of students across the area.

The initial roll out of the personal finance education resource will be concentrated on the Greater Scarborough area and it has already been offered to all local secondary schools.

Once this programme has been established, there are plans to take it out to the wider region, through the Society’s branch network, which spans Yorkshire, the North East, Lincolnshire and the East Midlands.

The young Finance manager educational package forms a key strand of Scarborough Building Society’s Corporate Social Responsibility (CSR) stance, which outlines its commitment to enhancing the quality of life of its members and their communities.

* Information quoted on the Credit Action website – www.creditaction.org.uk

For more information regarding Young Finance Manager, please visit Scarborough Building Society's Corporate Social Responsibility website at: www.scarboroughbs.co.uk/together

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