Barking MP joins schoolchildren for managing money lesson

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Dame Margaret Hodge joins children for the virtual lesson on Friday, June 11. - Credit: Kickstart Money

Schoolchildren were joined by Dame Margaret Hodge during a lesson in money management.

Dame Margaret joined Year 5 pupils for the virtual class at Parsloes Primary in Spurling Road, Dagenham on Friday, June 11.

She watched as pupils got to grips with saving and setting financial goals as part of an initiative from KickStart Money delivered live via video-link by the charity MyBnk.

The MP for Barking said: "It is great to see the virtual delivery of the programme in action at Parsloes Primary today.  

"Programmes like this help prepare children and young people for later life as many of our money habits are formed by the age of seven."

Youngsters also learnt about interest, bank accounts and the need to consider risk during the lesson.

The KickStart Money virtual programme was launched last year in response to Covid-19, to ensure money lessons could continue during the pandemic.

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It is funded by 19 financial services firms which have donated more than £1million into monetary education to 20,000 children in the last four years.

The scheme was launched in response to research by the government's Money and Pensions Service which found that money habits are formed by the age of seven. The service offers free advice on debt and managing money.

Dame Margaret said: "I encourage any programme that embeds positive saving habits at a young age and I support KickStart Money's vision to ensure every primary-aged child receives a high-quality and effective financial education."

The former chair of the public accounts committee, which oversees government spending, urged more schools in Barking to sign up to the initiative.

Jane Goodland, who co-chairs KickStart Money, said: "Some people may think that being good with numbers automatically equates to being good with money.

"While basic numeracy skills are helpful for budgeting and saving, many of our financial habits are in fact motivated by our attitudes and behaviours learned at a young age and not by our ability to do complex maths.

"Through visits such as today’s, we’re hoping politicians and the government will see the clear benefits of early intervention financial education and be encouraged to make it a clear priority in Covid-19 recovery plans."