Children to learn the value of money

AN initiative that was piloted in a Northside primary school and warns of the dangers of illegal moneylenders is to be rolled out to other schools this year.

‘Values, Money and Me’, which was piloted at Our Lady Immaculate Senior National School, Darndale, is a free online teaching resource launched by Experian, and designed to help the pupils explore both practical and emotional issues around managing money.

It is estimated that approximately 250,000 families across Ireland rely on borrowing money to make ends meet.

Unlicensed, illegal moneylenders, often referred to as ‘loan sharks’, can sometimes resort to intimidation and violence if repayments are missed.

Valuesmoneyandme.ie helps pupils, aged 4-12, explore aspects of money in a fun and engaging way through the dilemmas faced by the residents of the fictitious Pride Place. Simple to use, the resource comprises a series of interactive storybooks with supporting quizzes and teacher materials.

The new module, ‘Do You Need It?’, examines the cash-strapped Murphy family’s options when their TV breaks down, and considers the pitfalls of borrowing a high interest loan from an unlicensed moneylender, in an age appropriate manner.

Elaine Gill, a sixth class teacher at Our Lady Immaculate SNS, Darndale, said: “Working in a DEIS school I found this story particularly relevant and useful. 

“Loan sharks are, unfortunately, embedded in certain areas. The ethical issue surrounding the question of wants versus needs created great debate in the classroom. 

“Likewise the validity of using loan sharks, even as a last resort, got some very interesting debate going in the room.” 

Ms Gill added: “Children were amazed by the interest rate differences, not just between loan sharks and banks, but also when we looked at other financial institutions, such as short term lenders, currently being widely advertised.”

Charlie Brown, company secretary of Experian Group, said it is vital that school children are given a good education in financial matters now, to help them better understand and manage their money successfully in the future. 

“Research has shown that most children develop values and attitudes in relation to money by the age of seven, so it’s particularly important that they understand concepts such as budgeting, saving and debt, and how to manage money in a safe and sustainable manner,” he said. 

John-Mark McCafferty, St Vincent de Paul (SVP) Head of Social Justice, said: “SVP believes that helping children to learn about the value, choices and responsibilities that money presents is a key part of education. 

“As Ireland’s leading charity of social concern and action, assisting families financially in communities across Ireland, we appreciate the need for learning opportunities for children regarding their money, how best to use it and risks to be aware of. 

“The more aware and budget savvy children are, the more empowered they will be as young people and adults.”

An Taoiseach Enda Kenny launched ‘Values, Money and Me’ in May 2014 following the successful pilot in Darndale.

Teachers or principals who wish to find out more should contact [email protected]