Scottish Centre for Financial Education
Learning and Teaching Scotland
Financial Education in
Scottish Primary Schools
‘Money Week’
Background
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Financial Education in Scottish Schools:
A Statement of Position, 1999
This led to the establishing of the Scottish Centre
for Financial Education in 2002. The SCFE is a
private public sector partnership as part of Learning
and Teaching Scotland
National Statement for Improving
Attainment in Numeracy in Schools, 2002
This document published by the Scottish Executive
recognises the importance of financial education in
raising attainment and in tackling issues of inclusion
and lifelong learning
What is Money Week?
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Money week is a themed approach to learning
and teaching of financial capability.
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It is learning in context in most areas of the
curriculum.
Why use it
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To develop financial understanding, competence,
responsibility and enterprise in young people.
There are four aspects to
financial capability
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Financial understanding
Understanding the concept of money.
Where does it come from?
Where does it go?
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Financial competence
Knowing how to look after and manage money.
How do we plan to look after our spending?
There are four aspects to
financial capability – continued
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Financial responsibility
Making personal life choices, and thinking about the
ethics of money.
Do the choices we make impact on others – and if
so, how?
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Financial enterprise
Using financial resources in an innovative and
confident manner.
How can we evaluate risks and returns?
Financial capability within the
existing curriculum
You may already be addressing some or all
of these to a greater or lesser degree –
however, it is possible that you have, in
fact, been developing these areas already
without realising it!
Due to a change in shopping habits children
may be experiencing very different situations
from those we experienced as children

The availability of unsecured credit, e.g.
store cards
Can we assume that children realise that using a credit
card is not a free transaction?
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Direct debit may be used on many occasions
Can we assume that children are aware that heating is
actually paid for? Few of us make the trip to the shop to pay
our bills
Assumptions we may make
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The use of credit and/or debit cards may
mean children do not see adults use cash
Can we assume that when the teller asks us if we want
cash back that children realise this money belongs to us –
it is not the shop offering us money?
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Can we assume that children are aware that using a
cashpoint machine or writing a cheque depends on us
having money in the bank in the first place?
Assumptions we may make
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Advertising offers us a quick fix option
No matter how much debt we find ourselves in
there is a company willing to give us a debt-clearing
loan – whatever our financial background!
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Can we assume that children are aware of the
possible consequences involved?
Assumptions we may make
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It is often current practice to set up
‘shop’ in primary schools especially
when working with money
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Can we assume that children purchase goods in
shops themselves?
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Can we assume that children have individual
interaction with a shopkeeper?
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Can we assume that children still visit a traditional
corner shop to buy sweets or spend pocket money?
Managing money
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Personal financial capability is not just the ability to
add/subtract money and know what your change
should be when shopping.
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It’s not about how much money you have but how
you manage it!
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It’s also about managing debt – in today's world
many of us have mortgages, rent, car loans, credit
cards, etc.
It is about making informed choices
based on:

Needs
Essential to our health and well-being – food, clothing
and shelter
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Wants
Non-essentials which enable us to enjoy quality of life,
e.g. television, holidays
It is about making informed choices
based on:

Budget
These choices have to be made no matter how limited or
vast our financial resources are.

Best value
We constantly make choices in this area –
quality versus quantity.
We live in an age of disposable consumer goods, e.g. it
can be cheaper to replace a watch than have it repaired.
Why Money Week?
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We grew up in a cash-based economy.
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Our curriculum evolved in this cash-based economy.
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The majority of resources available to support the
learning and teaching of maths concepts do not
address financial capability.
Inclusive financial capability

Some children’s experience of money is still very
much within a cash economy.
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Some may be in a financially excluded society which
does not have access to legal financial services.
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Cultural diversity can give children varying/different
experiences.
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More/less money does not affect financial capability.
Financial capability
Addressing financial capability will:
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identify and build on existing practice
develop the curriculum in context
develop core skills
support both staff and pupils in allowing the children
to not only lead their learning but take informed
calculated risks and learn from mistakes.
Money Week themes
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Nursery – Snacks for All
P1 – Pound Shop
P2 – Vending Machines
P3 – Jam Jar
P4 – Buy a Bike
P5 – Keeping Accounts
P6 – Cost of Living
P7 – Phone a Friend
Curriculum in context
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Most themes address all areas of the
curriculum (except PE!)
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For example:
Some examples from a theme
Primary 1 – Pound Shop
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Maths
Collect receipts from from a variety of shops and
display in order of totals.
PSD
Discuss why we raise money for charity.
Enterprise
Visit local shop, supermarket or van.
Some examples from a theme
Primary 3 – Jam Jar
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ICT
Use the internet to research different charities,
famous charity events, and scientific discoveries
supported by charity donations.
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Technology
Design and make charity boxes which reflect the
charity they have chosen. Use when collecting
money.
Some examples from a theme
Primary 5 – Keeping Accounts
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Listening and talking
Find out about the history of a local bank/building society
by inviting a a member of staff to visit your school.
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Art
Design uniforms for bank staff using your school name
as the bank.
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Enterprise
Find out about the skills and abilities you need to work in
a bank.
Some examples from a theme
Primary 7 – Phone A Friend
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Reading
Find appropriate information from the internet,
newspapers and catalogues on varying prices for
phones, calls and texting.
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Drama
As a provider of mobile phones convince potential
customers why they should buy your model.
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Citizenship
Discuss what Value Added Tax is and how the
government uses it.
A Curriculum for Excellence
‘Our aspiration for all children and for every young person
is that they should be successful learners, confident
individuals, responsible citizens and effective
contributors to society and at work’
The Curriculum Review Group
The future
Our challenge is:
If we don’t give our children the opportunities to
manage money, how can we expect them to be
responsible, effective, successful, confident
members of society?
Preparing for Money Week
Using the appropriate theme for your stage
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Are there any resources which you need to gather
beforehand, e.g. boxes/card for model making?
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Do you need to organise a visit to/from a shop or
bank? (Remember, if the children organise this it is
an enterprising experience!)
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Do you need to organise any parent helpers to help
with any activities?
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Consider having an open afternoon on the Friday to
share success with parents and carers.
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ENJOY!