The finals of the Growing Future Assets Investment Competition, which nurtures the next generation of female investment experts, will be held in March, when a total of eight teams compete for the top spots in junior and senior contests.

And this year the competition is tougher than ever with entries up by a record-breaking 300%.

Making it to the last stage in the 16-18 year age group are pupils from: Lochaber High School (Fort William, Inverness-shire); North Berwick High School (East Lothian); St Columba’s High School (Gourock, Inverclyde) and Wellington School (Ayr). In the 13-16 year age group, those in the finals are from: Bishopbriggs Academy (East Dunbartonshire); Craigmount High School (Edinburgh); Deans Community High School (Livingston, West Lothian) and Larbert High School (Falkirk).

Financial educators Future Asset believe that being female should never be a barrier to progressing in a chosen career and the contest introduces senior schoolgirls to potential careers in investment management, demonstrating how working in the sector provides engaging opportunities and can change the world for the better.

During the competition youngsters must prove their ability to spot the next big investment opportunity by researching, analysing and pitching a company they think will be a great long-term prospect.

And teenagers have reacted enthusiastically to the opportunity, despite the challenges of the pandemic, with 62 groups, comprising 240 girls, from all over Scotland taking part.

They have been mentored by investment management professionals offering advice, inspiration and career insights, and supported by teachers who have gone above and beyond in providing extra-curricular activities.

Business Education Teacher Hannah Fox, North Berwick High School (East Lothian) says: “The Growing Assets Investment Competition connects classroom learning to the Investment Industry as the students are able to make use of their learning from Business Management and Economics related subjects.

“The task set makes it abundantly clear what a role in the industry might look like, breaking away from the stereotypical portrayal of the industry in movies. It pushes students out of their comfort zone in areas such as interacting with professionals to ask advice and run ideas past and allows them to experience managing a varied workload as well as the value of team work.

“The enthusiasm from the Future Asset Team and their guest speakers is second to none, as is the support the students receive throughout the competition. The students are very fortunate to be given access to such talented individuals and high-quality resources.”

This year more than 80 investment mentors from 28 firms, including Baillie Gifford, Stewart Investors, Walter Scott and Partners and Rathbone Investment Management, volunteered to counsel the youngsters.

Mentor and investments expert Amanda Forsyth says: “The competition has proved to be a superb exercise, not just in demystifying some elements of the working of the stock market, but also in helping the teams identify skills in themselves, the relevance of which to investment processes might not have been obvious.

“Good communication is crucial in writing research and finding that the ability to construct a flowing argument is something that truly matters was a real breakthrough moment for the members of the team who already enjoy writing. The Growing Future Assets Investment Competition has very obviously unlocked for these young women a plethora of new opportunities – and for me, as their mentor, seeing that happen has been a joy.”

Experts from journalism and business have also advised the teenagers with Executive and Voice Coach Susan Room boosting their skills and confidence with online masterclasses in Mindset, Body Language, Speech and Voice, and author, broadcaster and financial journalist Iona Bain explaining how they can invest their way to a better future.

Now in its second year, the teams have already presented their case in a research report and three-minute elevator pitch. The eight finalists will deliver an extended pitch to judges at the beginning of March with the winners announced on March 2.

The champions will receive: £1000 for the winning senior team and £200-worth of vouchers of the students’ choice for each team member; £800 for the best junior team and £150-worth of vouchers each. Senior and junior runners-up receive £500 and £100 of vouchers and £400 and £75 of vouchers, respectively.

Helen Bradley, Future Asset programme manager, says: “The response to this year’s competition from the youngsters has just been astounding – matched by a fantastic level of commitment from teachers and mentors.

“And the calibre of entries has been so impressive. The judges are going to have a challenging job on their hands determining which teams are the true future stars of the investment industry.”

For more information visit https://www.futureasset.org.uk/

The modern world requires a host of key skills, including money management, in order to succeed and providing students with the knowledge and skills to effectively manage their money is important. EVERFI and Teacher Tapp’s research also highlights that 83% of teachers feel that it is their role to upskill their class as they transition into adulthood, in order to help bridge a gap that sees one in five adults having less than £100 in savings or investments – a historically low level for the UK.

However, although teachers understand the need to educate students on financial matters, only 54% say they have enough time to plan and deliver these lessons, meaning students could be missing out on developing key skills and understanding in their formative years. The EVERFI and Teacher Tapp research also reveals that 37% of teachers say that financial education isn’t a current focus at their school.

Laura McInerney, Co-Founder & CEO, Education Intelligence, who worked with EVERFI on the findings said “As a former PSHE teacher I was unsurprised to see so many people saying that financial education was important. Most adults wish they’d learned more about it at school and knowing more about finance is a way of boosting pupil’s real-world confidence”.

EVERFI brings together national and regional partners so students can access high-quality learning resources, at no cost to schools. The platform offers self-paced online lessons with built-in assessments free to schools with unlimited student licenses and ongoing support. EVERFI has been included in the Department for Education backed,  official guidance from Money and Pensions Service available for teachers here.

On the EVERFI platform teachers will find interactive programmes and classroom activities, to make it easy to deliver financial literacy education to their students that are accredited by Young Enterprise. Available on EVERFI’s own platform the ready to go resources are split into three age-specific courses; Vault, Thrive and Aspire.

Each course helps primary and secondary school students make smarter decisions; (include specific links to site pages)

• Vault builds a financial foundation for nine to 9-11 year olds, teaching them how to borrow money responsibly, the basics of budgeting and the difference between stocks and shares.
• Thrive helps students 11-16 years old plan for their financial goals by teaching key financial skills through relatable connections to everyday life and socio-emotional learning skills e.g. self-awareness, prioritising, self-control.
• Aspire helps students aged 14-18 year olds prepare for their financial future by teaching about the economy holistically through different perspectives: as a consumer, an employee and an entrepreneur or employer, and understand its relevance to their lives.

Speaking about the ease of using Vault, Melanee Rose, Head of Maths at King’s House School Richmond said: “Managing money and learning how to save are vital skills to learn at a young age. The built-in lessons in Vault made the course very accessible to me as a teacher and I’m excited to teach pupils about the value of money.”

All EVERFI courses help create a more equal society by providing pupils with critical skills that prepare them for a brighter, happier, safer and more resilient future. The EVERFI platform helps teachers plan interactive lessons on financial education to help students make informed and smart decisions in the future.

Martin Finn, EVP Global Operations at EVERFI spoke about the idea behind the launch of the campaign: “At EVERFI, we are here to support teachers with high quality courses and planning tools. With our Vault, Thrive & Aspire courses, we use real-life scenarios and interactive games to show learners how to make smart financial decisions, ensuring all students have the critical financial skills they need for the future.”

Schools can register to access EVERFI’s  free platform and get access to the financial education courses – and many others – here: https://uk.everfi.com/our-platform/

This year’s Growing Future Assets Competition, which aims to introduce senior girls to the world of investment, its impact and range of careers, begins on 6 September when teenagers from all over Scotland will vie to spot the next big investment opportunity.

Financial educators Future Asset are challenging teams of 14-18-year-olds to research, analyse and pitch a company they think will be a great long-term investment.

They will be paired with a mentor from an investment management company who will provide advice, inspiration and career insights, and have the chance to attend online masterclasses as they develop an understanding that good investing focuses on a company’s long-term prospects, profits and sustainability.

They will also be advised by Executive and Voice Coach Susan Room, to help them feel, look and sound more confident and hear from author, broadcaster and financial journalist Iona Bain on how the younger generation can invest their way to a better future.

At the same time they’ll hone transferable skills including research, analysis, communication, numeracy, working with others and presentation skills.

Now in its second year, the competition is divided into a senior contest for years S5 and S6 and a junior challenge for S3 and S4. The teams of three to six girls will present their case in a research report and three-minute elevator pitch by 30 November. The top teams will then deliver an extended pitch to judges at the final in March next year.

At stake is: £1,000 for the winning senior team and £200-worth of vouchers of the students’ choice for each team member; £800 for the best junior team and £150-worth of vouchers each. Senior and junior runners-up will also receive prizes for the school and team members.

Helen Bradley, Future Asset programme manager, says: “Winning is wonderful but the real bonus of this sort of initiative is the wealth of additional skills and experience that it gives these young women and the window it opens onto a career they may never have considered.

“Earlier this year an investment research firm reported that more UK investment funds were run by men called Dave or David than by female managers! Future Asset is aiming to change that and this competition is a tremendous opportunity to open up a new era in female-led investment.

“We’re also very much aware that face-to-face work experience has been off the agenda for the last 18 months so we see this as a valuable chance to bring the world of work into school in a novel way.”

Future Asset believes that being female should never be seen as a barrier to progressing in a chosen career. Their goal is to enable girls in the senior phase of high school to learn how investment can change the world for the better, gain valuable, transferable skills and consider the benefits of possible future careers. They organise conferences and workshops for girls across Scotland. For more information visit https://www.futureasset.org.uk/

Future Asset is sponsored by Baillie Gifford, Stewart Investors and Walter Scott and Partners. They are also backed by Member firms who provide volunteers and mentors, supporting the programme to engage and enthuse girls and increase gender diversity in investment management.

Developed with support from HSBC UK, the new programme aims to improve financial capabilities of one million children ages 3 to 11 over the next three years.

In addition to giving teachers and parents access to a steady stream of free, high-quality resources and guidance, they can also track and share individual children’s learning plans on the platform – notably linking progress both inside and outside the classroom for the first time.

Sharon Davies, CEO of Young Enterprise and Young Money, comments: “The Covid-19 crisis has tested the financial resilience of many families as well as disrupted in-classroom learning, elevating the need for more flexible and effective financial education resources to help young people build financial capabilities for a changing world.

“With support from our long-time programme partner HSBC UK, we have been able to develop Money Heroes as a bespoke and openly accessible platform that will evolve to help meet the needs of parents, teachers and young people, now and in the future.”

The Money Heroes online hub includes:

• A collaborative platform where parents and teachers can identify activities that children have completed
• Age-appropriate, off the shelf activities for use at home and school, including family-friendly games to play at home
• A parent guide and teacher audit tool
• A parent podcast series featuring experts in financial education, parenting and wellbeing

Other items coming next year:

• In school support for teachers, including free in-house teacher training for over 500 primary schools over 2021 and 2022
• Storybooks for KS1 and KS2, available in print and online from well-known authors and published by a top global publisher

Stuart Haire, HSBC UK’s Head of Wealth and Personal Banking, comments: “We want to help children develop financial capabilities that will help them thrive for a lifetime, that is why developing innovative and impactful programmes like Money Heroes is so important.

“And with young people predicted to be hardest hit in the years to come as a result of the current pandemic, it has never been more important to focus on the life skills required to build financial independence and resilience from an early age.”

For further information please visit https://moneyheroes.org.uk/

Focusing on being financially fit in preparation for adult life, the #KnowYourScore initiative will launch in Leeds, ahead of a national rollout next year.

Kelli Fielding, managing director of consumer interactive at TransUnion in the UK said: “Our Credit Scores Explained course will be delivered in secondary schools, in partnership with the Leeds United Foundation. Our aim is to give teens the best start to their financial life, helping them learn more about managing money and understanding from an early age the role that their credit report and score can play.

“This information can help prepare them for their adult lives, whatever path they choose, and is particularly timely, as COVID-19 exacerbates financial stresses. Nearly a third (31%) of teens say their parents talking about money worries is making them think more about finance, according to our recent survey.”

Paul Bell, executive director at Leeds United added: “We’re really pleased to be working with TransUnion on this, so that together we can support the community and help teach young people important life skills. Our charity foundation has a strong rapport with numerous local schools, and the interest we’ve had to date has been fantastic, so we’re looking forward to getting started.”

The course, which is for young people aged between 13 and 18, will cover specific aspects of managing money and the role credit information plays in day-to-day life, with lessons aligning to financial education frameworks.

It follows a successful pilot programme last year with three local secondary schools, including Corpus Christi in Leeds. Mr Stones, lead teacher of business and enterprise there said: “The students found the session to be enlightening, engaging and informative. As a college we appreciate the support and insight that private organisations such as TransUnion can provide to help us equip our students for their futures.”

The latest research from TransUnion confirms the need to combat a lack of wider financial awareness amongst teenagers. One in seven young people (14%) lack confidence in basic money skills, only a third feel confident they can stick to a budget (36%) and just a tenth (9%) are comfortable keeping up repayments on money loaned. Whilst the majority look to their parents for money advice, lessons at school and banks are the next most important sources of this information.

For TransUnion’s e-book explaining credit reports and scores click here or to find out more about the Leeds United Foundation visit the website.

As one of the first schools in the country to become an accredited MoneySense School, it was fitting that NatWest visit Heymann Primary School in Nottingham to make the announcement.

Heymann Primary is one of only 30 schools in the country, who have undertaken NatWest’s new MoneySense School Accreditation Programme. The new programme has been designed to encourage all pupils to participate in financial education, taking learning out of the classroom and into the day-to-day lives of young people. MoneySense accredited schools proactively introduce parents to the resources available through the MoneySense website in school communications so that financial education can continue at home and improve parent’s knowledge and confidence when talking to their children about money.

Financial Research from the Money Advice Service shows increasing evidence that by the age of seven, children have developed their attitude and values towards money. These attitudes and values are likely to stay with them for life. Only 43% of young people are confident managing their money, 59% of 16-17 year olds can’t read a pay slip and 32% have no experience of putting money into a bank account. With ever evolving technology and trends continuing towards less physical cash, MoneySense plays a vital role in young people’s financial education from primary school to high school.

Kirsty Britz, Director of Sustainable Banking, NatWest, said:

“We are delighted to have reached and exceeded our target – teaching another 1.5 million young people about money. At NatWest, we know the importance of getting into good money habits early. So I’m pleased we’ve also been able to support those schools that want to go one step further in encouraging children to learn about how to manage money.

Financial education should be available for all children. And with one third of parents worrying their children will ask them a question about money that they themselves can’t answer, the earlier we intervene to support teachers and parents with up-to-date information, the better.

I encourage schools and parents alike to use these free NatWest resources in their classrooms, and at home – it’s easy to register at mymoneysense.com.”

NatWest MoneySense is the free and impartial flagship financial education programme from NatWest for 5–18 year-olds, helping young people to make sense of money and build a better financial future.

Earlier this year, NatWest MoneySense introduced a new workshop module to teach young people aged 8-12 about the importance of avoiding scams and increase their awareness of fraud. The new fraud workshop saw pupils having to solve a number of clues and identify different types of fraud to help them learn how to keep themselves and their families safe from fraud and scams. This year, MoneySense has also introduced resources specially designed for children with special educational needs and disabilities, as well as modules designed to tackle the increasing number of Money Mule schemes and gambling related issues facing young people.

This is according to new research commissioned by the All-Party Parliamentary Group (APPG) on Financial Education for Young People and funded by Martin Lewis OBE (founder of MoneySavingExpert.com), which conducted a survey of secondary school teachers to investigate the reach and effectiveness of financial education in schools. The report; “Two Years On; Job Done?” focuses on the current state of play in England, two years after financial education was made statutory at secondary level.

The survey found that 19% of those teachers currently involved in financial education are still unconfident about teaching it, with only 17% of schools having received training or advice on teaching the topic.

The majority of respondents indicated that more needs to be done to support teachers, with 58% stating that they would like to receive more training in delivering financial education.

Additionally, 69% of teachers suggested that it would be helpful for each school to have a lead teacher for financial education who could champion the subject, while 65% believe that schools need outside support to teach financial education well.

In the UK, those aged 18-24 represent over 20% of the over-indebted population of the UK and a third of young adults find themselves in this situation. The average debt-to-income ratio for 17- 24 year olds now stands at nearly 70% and serves as a stark reminder of the need for improved financial education for young people in the UK.

Other key findings from the report include:

• Financial education remains a low priority in schools: A quarter (25%) of teachers stated that financial education is either a low priority or not a priority in their school. The status of financial education in secondary schools seems not to have increased significantly after being added to the statutory Maths and Citizenship curriculum in September 2014, with 42% of teachers revealing there had been no change in the emphasis put on the topic in their school.
• Financial education needs to start earlier: Two thirds (66%) of teachers believe that financial education should start in primary school, with 63% stating that it would be helpful for students to arrive in Year 7 with some understanding of financial matters.
• Life skills for students need to be of greater priority to government: 95% of secondary school teachers believe that financial education is important. However, 77% believe that life skills, including financial education, need to be of greater priority for government.

The All-Party Parliamentary Group report on Financial Education for Young People has been produced following evidence sessions from several organisations from across the financial services, financial capability and education sectors in four evidence sessions in parliament.  Among several recommendations, the report calls for statutory financial education to be extended to primary level and for Ofsted inspections to more explicitly address the extent to which schools provide young people with financial knowledge and skills.  Improving teacher confidence is also addressed in the report, with a call for the Department for Education to ensure that new teachers learn about financial education during their initial teacher training.

This inquiry was chaired by Suella Fernandes MP, while the overall APPG is chaired by Mark Garnier MP. The report is being launched at the APPG event in the Houses of Parliament on Monday 23^rd May, where Sarah Willingham, star of the BBC’s Dragon Den, will also be speaking.

Suella Fernandes MP said: “With the rapid growth in opportunities for young people to spend money on a daily basis, it is vital that our education system provides them with the knowledge and skills to navigate the financial challenges they face both now and in later life. While much good practice exists, our inquiry has found provision of financial education across the country to be patchy. Closing these gaps is vital if we are to make headway in improving young people’s life chances.”

Michael Mercieca, CEO of Young Enterprise said: “Poor levels of financial literacy can prevent young people from fulfilling their potential and could lead to debt or unemployment, and have a detrimental impact on their mental health. Despite financial education now being part of the statutory secondary curriculum, the research shows that the government should encourage the importance of financial education in schools and support organisations that provide the resources needed to assist and train teachers to confidently deliver it.”

Caroline Rookes, Chief Executive of the Money Advice Service, (who kindly provided funds to support the inquiry) said: “We welcome the APPG’s report and the continuing efforts to make meaningful, positive changes to the approach to financial education among young people. Low levels of financial capability remain a problem – the 2015 Financial Capability Survey showed us that around four in ten adults are not in control of their finances and that four in ten have less than £500 in savings. If we can support children and young people so that they receive a financial education that works, we can significantly reduce people’s likelihood of becoming over-indebted and instead help them flourish in their money management in later life.”

Sarah Willingham, consumer champion, BBC Dragon and mum of four said: “Research tells us that children’s relationship with money is shaped from as young as 7 years old and so for many the current provision in the secondary level curriculum may be coming too late.  We would all like to think and see children benefit from the lessons learnt by the preceding generations but when it comes to money management this doesn’t seem to be happening. There have been some great first steps but more needs to be done.”

The programme comprises onsite functional sessions, enrichment days and online material, drawing on the Museum’s global collection relaying the story of money over the past 4,500 years. It offers students the opportunity to visit the museum in order to interact with the Citi Money Gallery itself, including handling objects from the collection. Onsite sessions begin with general financial education activities, at both the personal and national level, and object handling. Schools can then select a subject for the afternoon through which to deliver financial education; mathematics, business studies, art, drama, economics, geography, English and history as well as a cross curricular option.

Although these sessions create an experience that cannot be replicated in the classroom, provisions are available for schools to engage with the collection online through specially designed activities such as “Note-ably different”, an activity where students create their own banknotes, and then compare them to a historical and current version. Image banks are also available which provide a set of images for use as either starters or as inspiration for a lesson; these include ‘Money and Citizenship’ and ‘Money and Art’.

From September 2014 financial education is being taught in secondary schools as part of citizenship and mathematics.  There are also opportunities for financial education within Personal, Social, Health and Economic education. However research suggests there are numerous barriers to engaging with the subject, including pressures on teacher time and lack of confidence in delivering the subject.

Earlier this year a conference was held at the British Museum entitled ‘Why are sweets by the till?  Delivering empowering financial education’.  It was the first time key organisations supporting the delivery of financial education had been brought together at a single conference. As an outcome from the conference, two free teacher training sessions on incorporating financial education into the curriculum will be available at the Museum this academic year.

The education programme has been piloted with over 250 teachers and 1000 students from key stages 3 to 5. Enthusiastic feedback from teachers included the comments, “Kids really enjoyed the hands on activity and the coin estimation”, “I loved the way of involving history and money into the mathematics!”

As well as working directly with teachers and students, the programme will also support existing initiatives.  It will have a strong presence in Global Money Week 2015 and will offer opportunities to schools as part of National Student Money Week and My Money Week.

There is no charge for schools attending the sessions and full access and lunch facilities are available.

Additional information may be found at: http://www.britishmuseum.org/money