FAQs

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Q: What is What Money Means?
Q: Why is it needed?
Q: How does What Money Means work?
Q: Which local authorities are involved so far in What Money Means?
Q: How do I get hold of the materials?
Q: I am from a school or local authority, how do I get involved?
Q: What if I'm an HSBC volunteer?
Q: Who are pfeg consultants?
Q: How do you know that your consultants are any good?
Q: Why is What Money Means only working in England at the moment?
Q: Why is What Money Means aimed primary schools?
Q: How will What Money Means raise standards of education in schools?
Q: How is What Money Means funded?
Q: How will you measure results?
Q: How do I find out more?

Q: What is What Money Means?
A: What Money Means is a groundbreaking five year project that will work directly in 36 local authorities (24% of all local authorities in England) to create a step change in how children learn about money in primary schools. The materials generated through the project are available on request at no cost for teachers to use and adapt to meet the needs of their pupils.

Q: Why is it needed?
A: Our research* has shown that three quarters of 7 - 11 year olds are already saving, showing children are aware of money issues even at a very young age. We also know** that by the time they reach their late teens many have already experienced debt. We need to help shape this basic awareness that primary aged children already have into a solid foundation for later life. It is vital that we educate young people - as early as possible - in how to manage their money so that they are fully equipped to make financial decisions wisely in the future.

Q: How does What Money Means work?
A: Local authorities involved in What Money Means benefit from direct support over an academic year from a dedicated pfeg educational consultant. The pfeg consultant works with local authority staff to develop a plan for increasing personal finance education across the authority in the context of local and regional needs and using existing networks.

The pfeg consultant also supports schools and teachers in the local authority to develop classroom practice and school planning.

The project has generated a range of materials that practitioners can use and experiment with in relation to their own programme of personal finance education:

Q: What resources are available?
A: Opportunities to develop financial capability – activities and resources for primary schools contains planning tools, suggestions for activities, stimulus materials and examples of children’s work that primary teachers can use and adapt for their own programme of personal finance education.

Developing volunteering partnerships: a guide for teachers, volunteers and trainers is available to volunteers and teachers who want to develop a volunteering partnership that supports personal finance education.  It includes information that will help volunteers prepare and a toolkit for trainers who are working with groups of teachers and volunteers during a twilight session, half or full day workshop. 

HSBC volunteers will all have completed a day’s training and hold an enhanced disclosure from the Criminal Records Bureau.

Volunteering partnership workshops are taking place across England and places will be available to teachers interested in meeting volunteers and finding out more about how a partnership can add value in classroom activities and bring financial education to life for your pupils.

To order your free copy of Opportunities to develop financial capability – activities and resources for primary schools and Developing volunteering partnerships: a guide for teachers, volunteers and trainers or to register an interest in working with a volunteer please email us at info@pfeg.org giving us your full contact details, including your postal address or call us on 020 7330 9470.

pfeg will send you termly updates by post as well as information about further editions of the materials which are planned for future years.

Q: Which local authorities are involved so far in What Money Means?
A:

Q: I am from a school or local authority, how do I get involved?
A: The materials produced through the project are now available to anyone interested in developing financial education in primary aged children. In local authorities where pfeg consultants are developing What Money Means there is some capacity to support primary schools directly but the amount will depend on the approach adopted by the authority.

A further 20 local authorities will be directly supported through What Money Means. If you are from a local authority and would like further information on how to express an interest in joining the project in future years please contact Fiona Hogarth at fiona.hogarth@pfeg.org.

Q: What if I'm an HSBC volunteer?
A: Part of the support offered to primary schools through What Money Means will be the support of an HSBC employee as a volunteer to add value in the classroom where financial capability if being developed. Volunteers from HSBC will work in partnership with teachers, acting as an extra classroom support or resource to develop relevant and high quality learning experiences for children. Volunteers will not be expected to take a lesson or replace the teacher.

Schools will want to use the skills and experience of bank staff in different ways depending on how they are delivering personal finance education and so volunteers won't be given a one size fits all package or session to deliver. If you are an HSBC employee and would like to support a local primary school please visit the HSBC intranet for details of how to register your interest. If you are a teacher and would like the support of an HSBC volunteer then please contact us at info@pfeg.org giving your full contact details, including your postal address. We will send you regular updates by post and email.

Q: Who are pfeg consultants?
A: pfeg uses a number of trained employed, certificated and freelance consultants that have expertise in working with teachers to develop personal finance education. Most pfeg consultants come from an education background and have been teachers, headteachers or Ofsted inspectors or have worked with other statutory bodies in the past.

Q: How do you know that your consultants are any good?
A: pfeg consultants are carefully recruited for their experience in education and ability to work with schools and teachers. Training, induction and a certification process ensure that consultants are working to the highest standards - and ongoing feedback is sought from schools to monitor consultants' effectiveness.

Q: Why is What Money Means only working in England at the moment?
A: The differences in the curriculum between England, Northern Ireland, Wales and Scotland, and the level of funding available means that What Money Means is currently providing consultant support to a limited number of local authorities in England. pfeg is exploring ways of What Money Means working across the UK and the materials created through the project will be available to anyone who wants a copy. pfeg is a UK wide organisation and continues to work closely with the Scottish Centre for Financial Education and organisations based in Northern Ireland and Wales.

Q: Why is What Money Means aimed primary schools?
This project specifically aims to create a step change in the way children learn about money in primary schools. pfeg does also offer resources and support to secondary schools including through Learning Money Matters. Click here for more information about our offer for secondary schools.

Q: How will What Money Means raise standards of education in schools?
Good achievement is a result of all sorts of factors - not least the degree to which pupils feel interested and engaged in what they are learning. pfeg aims to increase children's achievement through personal finance education which is enjoyable, challenging and relevant to their own lives. For example, children who are able to use real-life examples in the classroom are better able to translate this learning into their everyday lives.

Teachers involved in the project have reported improvements in the pupils' skills and that their own expectations about pupils' ability to achieve has been significantly raised. Many teachers described themselves as ‘very surprised at what the pupils already knew' and 'very surprised at what they were achieving' and pupils were 'achieving beyond what they would normally be expected to'. Class teachers also often remarked on how individual pupils' confidence had improved.

Personal development outcomes like enhancing personal and economic wellbeing are also important indicators of the standard of education in schools and having confidence and skills in personal finance are important factors in achieving educational goals.

Q: How is What Money Means funded?
A: The project is supported by a £ 3.4 million contribution over 5 years from HSBC which also expects to involve 10,000 of its employees as volunteers, as part of the support that schools will receive.

Q: How will you measure results?
A: The whole What Money Means project will be subject to systematic and ongoing evaluation from an external evaluator. We will also obtain regular feedback on the impact and effectiveness from pupils and teachers via our close partnership approach with schools. We will change our approach and develop solutions quickly and sensitively in response to any problems or concerns which are identified.

Q: How do I find out more?
A: For more information, please contact:
Sara Passmore
pfeg Projects Coordinator
sara.passmore@pfeg.org Tel: 020 7330 9478

Fiona Hogarth
pfeg Projects Manager
fiona.hogarth@pfeg.org Tel: 020 7330 9479

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*source: pfeg and HSBC online poll in primary schools conducted by EdComs, July 2007.
** source: pfeg online poll conducted by EdComs, Feb 2007.