Employees from leading wealth management company St. James’s Place have been back to the classroom in Gloucestershire as part of a scheme to help children become better financial planners and savers.
Nearly 50 staff from the Cirencester-based company spent a day at the Deer Park and Kingshill schools in the town helping 14-16 year old children in the two schools gain a better understanding of managing their finances and planning for the future.
Hugh Gladman, Company Secretary for St. James’s Place, said: “We have encouraged our staff to use their skills to help charities and other local organisations for many years. To expand our volunteering programme, we decided to team up with the local schools in Cirencester to provide a day of financial education to their pupils.
“We hope to expand the programme in future years following the encouraging feedback from the schools and the pupils who took part in the programme.”
The programme, Money Money Money, was run in conjunction with Magnified Learning, which specialises in delivering learning programmes for employees of large businesses to help young people explore a range of social issues directly affecting them.
Aroop Tanna, Director of Magnified Learning, said: “The Money Money Money programme is a national initiative that enables financial services organisations to help young people become more financially aware.
“Participants are taught to budget properly using an exercise based on them looking ahead five years from now, being in work, renting a flat, and managing their finances. It is powerful for them to have a team of people from the business world coming in to facilitate their learning. At the same time, the classroom experience represents a great professional development opportunity for employees.”
He added: “With no place for financial education in the national curriculum, it is clear there is an advice gap that needs to be filled. The programme tries to turn children into better financial planners and to be ‘savers’ rather than ‘spenders’, and has done so with some great successes to date. Prudent financial management is a key life skill that young people need.”
Kingshill SchoolKingshill Head Teacher Christine Oates said: “We were very grateful to all the staff from St. James’s Place and Magnified Learning who generously gave up their time to share their wealth of knowledge with our year 9 pupils enabling the “Money Money Money” day to be such a huge success.
“The year 9’s are full of the stories they were told about student days, past jobs and exactly how little some jobs pay. The pupils excelled at the realism of the day and the fact they were taught by people from outside of the school environment.”
Deer Park SchoolChiquita Henson, Head Teacher at Deer Park School said: “Our pupils benefitted enormously from the engaging exercises which not only gave each of them a ‘salary’, but significantly prompted them to think about the relationship between income and expenditure and the need to make careful and informed decisions.
“I am confident that many will apply their learning, demonstrate a better understanding of the cost of living and manage their own money more effectively in the future as a result of these important lessons.”
St. James’s Place Wealth Management is a leading UK wealth management organisation. Founded in 1991, St. James’s Place was listed on the London Stock Exchange in 1997 and is now a FTSE 250 company with £31 billion funds under management. The company provides face-to-face advice to clients based on their individual needs and circumstances, adapting the advice as requirements change over time to ensure that recommendations remain appropriate.