June 2011

The know zone

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    Charity pfeg works with teachers to develop young people’s financial awareness and campaigns nationally to make learning about money matters an education priority. More
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Charity pfeg works with teachers to develop young people’s financial awareness and campaigns nationally to make learning about money matters an education priority.

MONEY TALKS

What is pfeg?
The Personal Finance Education Group is a charity with a mission to ensure that all young people leave education with the skills, knowledge and confidence in financial matters to take part fully in society.

Who is it for?
It works through teachers, supporting them to become confident and competent in the field of personal finance education. One aim is to see personal finance education embedded into school development plans and the charity places great emphasis on securing the support of senior leadership teams.

"If financial education is to become sustainable in the long term, we need teachers to be delivering it," says Wendy van den Hende, chief executive. "They are the ones who understand their students, they know how it fits in with other subjects, what has taken place in the past and what will happen in the future."

Who is involved?
Pfeg works across the finance and education sectors and seeks to help shape educational policy and practice through influencing Westminster, Whitehall and local government. It has had successful partnerships with central government, the Financial Services Authority and the corporate sector, in particular HSBC through its What Money Means project, and with Prudential.

What resources does it offer schools and colleges?
Pfeg’s website offers access to a database of free, downloadable materials provided by a range of organisations as well as case studies of how schools and colleges are teaching financial skills. The charity also assesses resources produced by other providers against curriculum requirements and a code of practice and has awarded a quality mark to about 70 resources listed on the site.

Any research activity?
Pfeg carries out research to underpin projects from time to time. For example, a study of the attitudes and behaviours of young people found that more than half of 17 year-olds were in debt to family and friends.

Recent research asked 11 to 17 year-olds on what money means to them and how they want to learn about it, particularly in PSHE education.

"It was clear from the research findings that dealing with figures and being able to draw up a budget had to be balanced with understanding attitudes towards money, how this affects their financial behaviour and the impact that financial decisions have on real life," says Wendy.

What events are coming up?
My Money Week 2011 runs from June 27 to July 3. It provides a nationwide focus on financial capability for young people in primary and secondary schools throughout England. Schools can enter a national competition on the theme My Money, My Future. Secondary schools can order an activity pack via the website.

What else is pfeg involved in?
It provides the secretariat for the all-party Parliamentary group on financial education for young people, one of the largest in Westminster with 220 MPs. The group is carrying out an inquiry into the place of financial education in the curriculum and will publish a report at the end of the year.

Focus on pfeg

For further information about pfeg visit www.pfeg.org, telephone 020 7330 9470 or email info@pfeg.org

Money talks

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