The Personal Finance Society (PFS) has set a target of delivering more than twice as many educational sessions to students across the country in 2020 as it did this year.
More than 750 financial advisers have signed up to be ambassadors of the Personal Finance Society’s pro-bono initiative ‘My Personal Finance Skills’, which delivers financial education and awareness workshops to schools across the UK.
Thanks to the advisers who signed-up to be ambassadors, more than 250 sessions will be delivered to 7,500 pupils in 2019.
But in 2020, a staggering 500 sessions have already been arranged.
Financial planning for the masses
Chief executive Keith Richards said during the PFS’ annual conference in Birmingham, attended by International Adviser: “The vision is to ensure every school in the country benefits from financial awareness and education.
“In the past two decades, too many people entered the workplace with no idea of what financial planning was about. Since the demise of industrial branch insurance and savings advisers, young people rarely witness their parents interacting with financial planning.
“My Personal Finance Skills is introducing the next generation to the benefits of financial budgeting and basic life planning before they enter the workplace or higher education.
“Some of the students who attend these sessions are even leaving school inspired to become a financial planner; but, most importantly, all the students learn about the importance of having a financial plan.”
Financial seminars for school children
Earlier this year, the PFS created four more financial education workshops as part of the ‘My Personal Finance Skills’ initiative.
Aimed at students aged 15 to 18-years-old, they focus on:
- Moving on from school – student finance, earning, tax, national insurance and pensions;
- My future finances – enabling students to develop their understanding of the value of everyday expenditure;
- Making decisions, understanding attitude to risk and how this can influence financial choices; and
- How to identify financial scams.
The PFS provides training and assistance to advisers to help deliver these sessions, which are designed to fit within a typical one-hour school timetabled lesson.
Financial advisers who sign-up to be education champions have to read a presentation guide, take part in a training webinar, then complete a trial workshop and return a self-assessment feedback form.
Richards said further content is being developed for My Personal Finance Skills.