Ed Balls and Nationwide launch financial capability programme

Nationwide Building Society and Ed Balls MP, Secretary of State for Children, Schools and Families, launch the latest phase of Nationwide Education. Yvette Cooper, MP for Pontefract & Castleford and Chief Secretary to the Treasury, will also attend the launch at Normanton Common primary school in Normanton, West Yorkshire. The new phase of Nationwide education, which teaches children money management and financial matters, is being rolled out to all primary schools across the UK. Phases for secondary schools will be delivered in January 2009 and September 2009.

New research from Nationwide reveals that a fifth of parents and teachers frequently talk to their children or pupils about money, which is encouraging. However, it is concerning that only one third (36%) think they have enough tools and support to teach pupils about understanding money and how to manage it. Given the current economic situation, it is becoming more important to be financially astute and it is hoped Nationwide Education will prepare children, as well as helping teachers and parents, make the most of their money now and in the future.

Nationwide Education is unique in utilising the new interactive whiteboard technology, as well as PCs in schools for financial education. It has been designed to:

Provide interactive activities, games, downloadable fact sheets and curriculum-linked work sheets;
Provide tailored, informative content for teachers, students and parents;
Complement the National Curriculum;
Accommodate a range of age groups, from foundation years through to university;
Give accessibility to those in wheelchairs or with visual or hearing impairments.

Secretary of State for Children, Schools and Families, Ed Balls MP, comments on the launch: "I welcome Nationwide's commitment to financial education and improving financial literacy. I believe all financial institutions have a role to play by sharing their knowledge and know-how with children, schools and parents about how to make the most of their money. Too many people are unsure about key financial issues in their lives and I want to see this change. It's important in the ever-changing economic world that we live in that people understand how to make the most of their money and this works best when financial education starts in schools."

Tony Prestedge, executive director at Nationwide, says: "We are really excited about this programme - we have worked closely with schools, educational groups and charities, to ensure Nationwide Education meets the needs of those it has been designed for and we are confident it will make a difference. As a mutual organisation, we want to see all children leaving school with the tools that will help them make sound financial decisions that will stay with them and help them cope with all of their financial matters. We are completely committed to financial education and we can't wait to develop the future phases of Nationwide Education.

"We are also delighted our venture has secured the support of the Government. We know it's a target of theirs to engage children in financial learning and to encourage saving and our tool will ably assist teachers in achieving this standard. We really do want to help children and parents learn about money and we look forward to providing the means to achieve this."