pfeg promotes financial capability for children in care
Source: pfeg
12 Feb 10
pfeg’s mission is is to ensure that all young people leaving school have the confidence, skills and knowledge in financial matters to participate fully in society.
Through a project sponsored by The Share Foundation pfeg has been increasing its focus on the needs of children and young people in care and developing ways of raising awareness of their financial education needs and of meeting them.
Financial capability is important for everyone if they are to make the best of the opportunities and challenges presented throughout life. The issues become particularly acute for young people who have spent significant amounts of time in care.
Children and young people in care often miss out on opportunities to learn by using and talking about money as part of everyday family life. All children and young people need to experience and discuss, for example, what things cost and how to prioritise spending. This may be in relation to food, rent and mortgages, clothing, household materials, utilities or the cost of going out with friends.
There is an assumption that children learn about personal finance at school. However, the lack of stability created by children in care moving in and out of care placements means that they often change schools frequently and miss out on personal finance education. pfeg’s work in helping schools, local authorities and other providers to develop personal finance education aims to increase opportunities for these vulnerable young people to develop the knowledge and skills they need to manage their money.
A new section of the pfeg website is being developed to bring together the various strands of this important area of pfeg’s work. Watch this space for updates on its development.
