Royal Bank of Scotland
MoneySense is the Royal Bank's free and impartial financial education programme for 5-18 year-olds in the UK.
In the 22 years that we've been providing financial education, we've helped around 4.5 million young people to understand money and will help 1 million more through our MoneySense programme by the end of 2018.
Our interactive content is based on real-life money moments to make learning about money, real, relevant and fun, both in the classroom and at home.
There are four key parts to the programme:
The content has been developed in consultation with parents, young people, teachers and other education experts; it has received the prestigious Financial Education Quality Mark from Young Enterprise, and is aligned with the national curriculum.
MoneySense is a core part of our community programmes at the Royal Bank, which focus on improving financial capability and enterprise development in our communities. We believe that these are the areas where we can make the biggest difference.
In 2015, we took the opportunity to re-launch the programme, with updated content to a wider age group (MoneySense was previously only available to secondary schools) and taking learning from school into the home.
In order to measure success, we established key performance indicators (KPIs). These are:
MoneySense has been widely used since re-launch. After 18 months we had achieved the following across the UK and Ireland:
And, teacher feedback tells us that MoneySense is making a real difference:
As well as quantitative feedback, we also collate qualitative feedback from MoneySense stakeholders, to reassure us that we're getting it right:
Teachers found the materials helpful and the content engaging for the children. One class have continued to develop their budgeting skills, as this links in closely with their topic work. Their teacher has used some of the ideas to develop new activities and felt that she had improved her own understanding of teaching budgeting, as a result of the workshop.
This has been a very rewarding week for us here in Strathallan and I am sure these experiences will continue to benefit our children in developing greater awareness and understanding of money.
MoneySense is a sustainable programme that has been running for over 22 years now, making it the longest-running programme of its kind in the UK.
It is also an ongoing programme, with curriculum-linked content updated all year round. We will continue to evolve it based on research and evaluation and are committed to continue to help young people become the confident money managers of the future.
MoneySense was relaunched in 2015 with monetary investment to create a digitally innovative programme.
We partner with specialist agencies to create and design the MoneySense educational content and to carry out ongoing research and evaluation to measure its impact.
Our partners include:
Our extensive network of employee volunteers, who help to deliver MoneySense workshops in schools, also support the programme.
We received a variety of support from the partners listed above.
The need for financial education is clear. More than a third of parents (35%) worry about their children asking them questions about money that they themselves can't answer.
New research commissioned by RBS plc in November 2016 also found that the majority (55%) of children aged 7-15 years-old, worry about their lack of financial knowledge. Just as shocking, is the fact that nearly two thirds of parents (62%) also fear their child will grow up without a good grasp of managing money.
Educating young people about how to manage their money has never been more important due to the variety of ways now available to spend their money.
We can, and should, help parents and teachers to answer the questions young people are asking about money. Enabling them to have conversations about money is an important part of sharing the skills and knowledge to be more financially confident.