Penny Matters

Financial literacy at home as the foundation for a stable future

Team
Derrick Yeung Fu Kit
Sneha Manjunath

How it started

In 2021, the UK Money & Pensions Service conducted a survey which brought several insights about financial literacy at home to light, highlighting that:

  • only 24% of children have received key elements of financial education at home and school
  • only 10% of children have received meaningful financial education at home and school

Meanwhile, headline statistics in the North West paints a revealing picture on the state of financial wellbeing in the North West:

  • 19% of the region’s population have relatively low incomes
  • 32% of children in the North West are living in poverty, compared to the UK average of 30%

Whilst these figures offer a stark snapshot, they also reflect a broader mix of social and economic pressures that no single solution can fully address. Nevertheless, building financial literacy from a young age can help equip the next generation with the tools and confidence to make informed choices in an increasingly complex world.

What is it

The “Penny Matters” Project aims to address the significant lack of financial education for young children aged 3-11 at home. Local and regional research has identified that many parents are not confident in teaching their children about money. The project bridges the gap by providing parents with tools to educate their kids in a fun and engaging way while also raising awareness of this issue within local communities.

The project will use the Lisbon hub’s children’s storybook “Mary and the Secret of Savings” (British version from the London hub) as a foundation. We will organise and participate a series of children-based events in Manchester from Mar 2025, featuring various interactive games to engage both parents and their children. During these events, we will also distribute Lisbon’s storybook and our designed leaflets to parents. Success will be measured by the number of books distributed to parents, the participation of children in the games, and any data collected regarding parental engagement.

Our short-term goals include developing local educational materials that increase parents’ confidence in teaching financial literacy and building strong community partnerships with our hub. The long-term goal is to raise awareness about the importance of children’s financial literacy, not just in schools, but also at home with their parents.