Financial education most important life skill for children, says parents

- Santander makes financial education fun with new 1|2|3 Mini Zone for children -

- Personal finance education now on the National Curriculum -

Millions of parents in Britain believe financial education is the most important life skill their children can learn, according to new research from Santander(1).

More than eight out of 10 parents (81%) say understanding money is a vital life skill, more than having a hobby, doing sports, or learning a foreign language (see full table below).

To help children learn how to manage their money, and support parents in taking an active role in their children’s financial education, Santander has launched a fun, educational microsite, the 1|2|3 Mini Zone.  The launch comes as personal finance is introduced into the new National Curriculum for schools across England this month – but only four out of 10 parents (41%) were aware of this, according to Santander’s research(1).

The 1|2|3 Mini Zone features a savings calculator tool for children to set and track their savings goals, a 1|2|3 Mini Jets game where youngsters collect coins against the clock, as well as helpful information for parents including a guide to financial terms and a video to show them how to use the site.

Sue Wills, Director of Customer Service at Santander, said: “Having personal finance education on the National Curriculum is essential to prepare children for the future. There’s a clear appetite among parents and young people to learn to manage money well but it has to be fun too in order to really have an impact.”

Further research(3) commissioned by Santander found that more than three-quarters of parents (77%) would like to see more financial education in schools, as would 69% of children aged 11-16.

Anna Foster, Interim Head of Programmes and Services at pfeg (the Personal Finance Education Group), said: “Educating children and young people so that they have the skills, knowledge and confidence to manage their money well is extremely important and we are delighted by the launch of Santander’s 1|2|3 Mini Zone, which should prove to be helpful for parents and engaging for children.”

Rami Aboukhair, Head of Retail Banking at Santander UK, said: “We believe in helping people make the most of their money.  That’s why we’ve launched the 1|2|3 Mini Zone which, together with our 1|2|3 Mini Accounts, help children learn about money management from an early age.”

The 1|2|3 Mini Accounts are available to anyone aged 0 to 18, and reward customers with 1.00% AER on the total account balance from £100, 2.00% AER on the total balance from £200, and 3.00% AER on the total account balance from £300 up to a maximum of £2,000.