Mark FitzPatrick visits Osmani Primary School to see SJP-sponsored financial education in action

Financial education is a lifelong journey as we learn to save pocket money for the things we want, decipher our first payslip, manage bills, learn to budget and hit different milestones. While it’s important we continue to build our financial knowledge as adults, receiving meaningful financial education at a young age can help equip children with essential life skills and form healthy money habits.

The financial education gap for children

Currently, over 5.3 million children lack access to meaningful financial education.¹ As one of the UK’s largest provider of financial advice, we have the skills and ability to make a real difference to financial education for young people. One of the ways in which we’re doing this is by partnering with the Young Enterprise charity on their financial education ‘Centres of Excellence’ programme.

Committing to change

In 2023, we partnered with Young Enterprise and committed to sponsoring 21 schools on their journey to becoming ‘Centres of Excellence for financial education’ - a nationally recognised award that accredits education providers across the UK for excellence in delivering financial education. To become a Centre of Excellence, the school must evidence that it has embedded financial education into their curriculum.

Firsthand impact of financial education

This week, our CEO Mark FitzPatrick and Young Enterprise CEO Sarah Porretta, visited Osmani Primary School in Whitechapel to witness the impact of our financial education partnership firsthand.

During the visit, Mark and Sarah joined financial education lessons and participated in a focus group with Year 5 and 6. Together, they discussed how this programme has been instrumental in building the students’ confidence and understanding of money.

In one lesson, students were encouraged to express their feelings about borrowing money leading to an insightful discussion on the potential risks involved and what happens when you need to pay it back.

In another lesson, a student shared their understanding of inflation, highlighting how it can be affected by government decisions and events, such as natural disasters. Another student described how they had learnt about taxes, and how this money is used.

It was wonderful to hear directly from students about the positive impact financial education has had on them during the focus group. Many emphasised the importance of distinguishing between wants and needs, so that when they’re older they will spend their money wisely, rather than recklessly.

Innovative initiatives at Osmani Primary School

It’s clear that the teachers at Osmani Primary School had embraced being part of the programme and have created fantastic opportunities for students to engage with financial concepts, including:

• Making and selling products like tote bags, mugs and crafts, at school fetes – and working out how much profit has been made.
• Financial literacy sessions delivered by volunteers from the local community.   
• An annual ‘Our World of Work Week’ event, at which students were encouraged to dream big and consider the array of careers open to them as well as the financial implications of their career choices.
• A ‘Young Leader’ Programme offering students the chance to take on responsibilities around the school. By carrying out jobs for a week, they learn the value of work but also gain an understanding of financial responsibility.

Looking ahead, the school intends to introduce the Osmani Pound. This initiative will allow students to earn, save, or spend their "pounds" at the end of each half term, fostering early concepts of saving and encouraging thoughtful financial decision-making.

The teachers at Osmani Primary School have embraced the programme, creating engaging opportunities for students to develop their financial skills, including:

• Entrepreneurship projects – Students create and sell products like tote bags, mugs, and crafts at school fairs, learning about profit and expenses.
• Community-led financial literacy sessions – Local volunteers share real-world financial insights with students.
• ‘Our World of Work Week’ – Encouraging students to dream big and explore career options while considering the financial implications of different professions.
• ‘Young Leader’ Programme – Students take on responsibilities around the school, gaining work experience and an understanding of financial responsibility.
• The Osmani Pound Initiative (upcoming) – A school-wide currency system where students earn, save, or spend “pounds” at the end of each term, fostering early saving habits.

• “It was great to visit Osmani Primary School in Whitechapel and experience the delivery of financial education lessons. Speaking with the children was an important part of this visit for me. Our financial behaviours can be set as early as aged seven, so reaching children during their education journey is fundamental to supporting their confidence with money.  “Understanding the real benefits of the Centres of Excellence programme and the impact it has on the children has left me feeling inspired. At SJP we want to see a more financially resilient society and relevant, applied financial education is a key building block of that.“ Mark FitzPatrick, CEO of St. James’s Place

The path forward for financial education

Ensuring young people are empowered to make informed financial decisions is not only a fundamental part of building a more financially resilient society, but also part of the long-term answer to the Advice Gap. We will continue to support calls for financial education to be included in the core curriculum for schools and engage with key stakeholders to champion the important financial education initiatives SJP and others are involved with.

We’re dedicated to equipping the next generation with the knowledge and skills to navigate their financial futures confidently. If you’d like to learn more about how we’re supporting financial education, you can find out more here.

Source
¹MAPS, 2023