The RBS group: MoneySense for Schools

The challenge

RBS recognises that financial literacy is a crucial life skill for young people to develop while they are at school. They have worked with EdComs to develop and deliver the UK's largest free and impartial financial education programme, MoneySense for Schools.

RBS believes that by the time young people leave school, they should:

  • be confident about managing money and dealing with financial organisations
  • understand the importance of saving
  • be able to calculate the cost of borrowing
  • understand day-to-day money management and budgeting
  • be prepared for independent living and the financial decisions they have to make.

Our approach

MoneySense for Schools is based around a website for 11–18s. EdComs developed the content, websites and supporting print resources. These were reviewed by teachers, the Personal Finance Education Group (pfeg) and Learning and Teaching Scotland.

We continue to manage the programme and track programme activity on behalf of RBS.

  • The programme incorporates online modules that take pupils through banking and finance basics, such as opening a bank account for the first time and day-to-day money management in adulthood.
  • The materials are delivered face to face in schools by teachers as well as more than 600 RBS employees. Resources are tailored for the different age ranges: 11–14, 14–16 and 16–18.
  • Two one-day events, covering the topics of setting up your own business and issues around borrowing, are also run by RBS employees.
  • Activities, videos and real-life examples help bring each subject home to students.
  • Teachers are given an online walk-through of each module.

EdComs also developed and continues to run the annual RBS Personal Finance Education Awards for Schools, in association with pfeg. These awards recognise and reward excellence in PFE.

Outcomes

The programme has a huge reach with over 60% of UK secondary schools now having a MoneySense presence. More than 600 employees delivered the programme in 2008 to more than 337,000 pupils, and almost 2,000 new teachers registered on the MoneySense websites.

The programme has received:

  • a Quality Mark by pfeg for each module
  • an E-Learning Award
  • a Business in The Community Big Tick
  • a highly commended award at the IVCA awards.

Evaluation has shown that the resources genuinely engage students and improve their financial capability.