For the first time financial education will be added to the school curriculum for all children aged 4-16.
If your children are in year 1 or year 2 in primary school they'll be taught about money as part of their math classes, here are the key sections being introduced to key stage 1 Maths:
Understanding money - Your child will be taught to understand coins and their use in day-to-day life.
Using money - Your child will be taught how money can be used and where is best to store money.
Importance of money - Your child will learn where money comes from and how it is earned.
What you can do to help?
Don't worry; you don't need to be a qualified maths teacher to help your children learn about personal finance. You can use these games to help you introduce finance at home but also to have a bit of fun at the same time.
You will need one of every coin to play this game, so one 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2 coin. Let your child play with all of the coins for a while to get used to the different colour and shapes.
Find pictures of each coin and stick them to a piece of paper and ask your child to place the actual coins on the right picture. Once they have mastered this, you can replace the pictures of coins with the values, so write down "50p" instead of showing the coin, and repeat the game.
Another fun way to involve your child is when you do a small shop for groceries. Write a list and get your child to cross off each item as you go along. When you approach items, like an apple, ask them to find one to an exact amount for example a 50p apple, rather than a 60p apple.
The idea with these games is to let your child work out what each coin is, where they come from and how to gain them for themselves.
Set up a little shop in your home and select a variety of items to sell. You can choose items such as fruit, cereal, milk etc. Next, give your child a selection of coins, ideally one of each available.
You can then ask your child to buy an item from your shop. Give a price to each item and ask your child to come up with the amount using the coins they have. Some examples for this could be:
An apple for 33p (1x1p, 1x2p, 1x10p and 1x 20p)
A pint of milk for 78p (1x1p, 1x2p, 1x5p, 1x20p and 1x50p)
You could start with easier sums for your child to work out and build up to these more complicated sums, but you can judge the difficulty on how receptive your child is to value of the coins.
Make sure you give all the coins used back to your child after each item is bought to allow them to use the coins again for the next item.
Money word wall chart
Start by creating a "money wall chart" which will be filled with words associated with "money".
Introduce the wall chart to your child and ask them to write down words they think about when you mention "money".
Write down their words on some paper or have your child write them down as they come up with words.
Once you have a list of words, discuss with your child why they choose the words you have written down. With your help, talk about the words which are linked to money, for example - coins, bank, shopping, doing chores.
Try and give your child the chance to figure out the correct words and even suggest some to see how they get on. Once you find the best words, your child can stick them on the money wall chart. For help on which words to use you can find the game on this guide.
This game will help your child understand where money comes from and how to earn it.
You will need to find 3 pictures:
A parent giving money to a child.
A child is doing a chore, washing their bike etc.
A parent in a work environment.
Show your child each picture in order, one at a time. Ask your child to explain what is happening in each picture, for example - why is the child receiving money in picture 1? Is it a gift or reward for doing a chore?
Then move onto picture 2 and ask what is happening. Try and encourage your child to see past the idea that the picture shows a child washing their bike and ask why the child is washing their bike. This will start to show your child that there is a connection between the first two pictures.
You can then ask what is happening in picture 3. You will want you child to identify that the person in the picture is working, or doing a chore. You can ask your child to write a sentence describing the link from picture 1, 2 and 3 and see if they identify the reason for payment as work or doing a chore.
You can then use pictures that show different varieties of jobs, for example - a fireman, doctor, nurse, lawyer etc. Explain that different jobs offer different money. You can ask your child to draw a picture of a job they think would offer the most money in return for work.