STO looks at cross-curricular school trips that teach children about money and budgeting.
This week, the Institute of Fiscal studies released a report on the amount of debt students were running up at university. The data suggested that students were leaving higher education with between £43,000 and £57,000 worth of debt.
Of course, much of the debt students run up at university is unavoidable. Tuition fees are still sky high at £9,000 a year.
However, some student debt arises because young people have a poor understanding of money, its value, and budgeting techniques.
With news also in the papers this week of how banks are still issuing customers with reckless loans, it has never been more important to teach children about finances.
The good news is, many trips that focus on the importance of managing money well are cross curricular or linked to National Curriculum subjects like Maths. Here are a few examples…
The British Museum, London
The British Museum runs Money Handling and Financial Education sessions for Key Stage 3, 4 and 5 students. The workshops take place in the Clore Learning Room and get pupils handling objects from the museum’s Citi Money Gallery. The sessions are designed to develop students’ awareness of the role of money and help them appreciate its uses. There are four topics to hone in on; Money in economics and business; Money and power; Financial decisions – which includes tips on budgeting and saving – and raising and spending money.
The Bank of England Museum, London
The Bank of England Museum offers a range of resources to help students build an awareness and understanding of the role of money in society. On a visit pupils can learn about everything from the advanced security features on bank notes to the history of financial storms. Pupils can also hold a real gold bar.
The Royal Mint, Wales
Pupils can get up close to lots of different types of money at The Royal Mint Experience. Primary School pupils can take factory tours to see how coins are made and then take part in workshops like Fakes & Forgeries, to learn how counterfeit money is made. Secondary schools, meanwhile, can learn about the role of money in business. A variety of pre and post visit resources are also available to download from the website.
KidZania is a replica indoor city. Inside there are more than 60 different areas where children can role play at certain jobs, from being firemen to dentists. There is a replica bank inside the city where pupils can experience what it’s like to be a bank teller. They can learn how to set up a KidZania bank account, using the city’s currency KidZos, and they can use their KidZo debit card at ATMs around the attraction.
Teach older children how to budget and manage their money by getting them to fundraise the money to cover a school trip to a foreign country. African Adventures offers schools that book trips with them ideas and tips on fundraising. Students taking trips with African Adventures will also get to participate in community projects, where they will gain a deeper appreciation of the money they have themselves.