In Australia, Russia and Canada, educating the younger generation about money is increasingly important
by Bethan Rees
Nine in ten parents think that financial literacy is more important than maths, according to a survey by online marketplace Gumtree of more than a thousand Australian parents, writes Rachel Horan for Savings.com.au. Two in three parents believe their children have “little to no understanding of money” and one in five say they “don’t know how to better educate their children about finances”.
Respondents to the survey also find that financial literacy is just as or more important than English and science. “The national survey comes off the back of a launch of a new kid’s book,” writes Horan. The book by Jimmy Rees and Gumtree, titled Ollie and the spectral spectacles, “aims to provide knowledge and support to the next generation to improve their financial and environmental literacy, and how these two things intersect”, she says.
Cards for kids
A free debit card for children (from six years old) has been launched by Russian bank VTB “in a bid to improve financial literacy at a young age”, says a Finextra article.
A member of the VTB management board, Svyatoslav Ostrovsky, is quoted in the article: “This tool gives us the opportunity to instil the basics of financial literacy in the younger generation, to teach them to manage money resources with the help of modern technologies from childhood.”
For safety, the card is issued as an additional card on the parents’ account, and spending and card limits can be configured remotely via the bank’s app. Children over the age of 14 can order a main card linked to a separate personal account. “VTB sees its new card as a safe alternative to cash for daily expenses for a child,” says the article.
Canada’s virtual programme
Chartered Professional Accountants of Canada (CPA Canada) and insurance company Canada Life have teamed up to launch an “online series of free financial literacy workshops aimed at school children”, says a Newswire press release.
Doretta Thompson, CPA Canada’s financial literacy leader, is quoted in the press release: “The pandemic's impact confirms the urgency of teaching financial literacy and implementing a range of remote learning opportunities … Many parents and teachers are educating their kids about personal finance at home or virtually and need additional materials and support.”
The free virtual workshops cover topics such as savings and bank accounts, credit cards and debt, earning income and goal setting. They also include aids for parents and teachers including animated videos, worksheets, and speaker notes.
Newswire press release