To mark the start of Talk Money Week (4-8 November), Girlguiding is today launching a ‘Money skills- I’m money confident’ badge and new activities developed with HSBC UK, to teach financial literacy and empower over 300,000 UK girls and young women aged between four and 18 to confidently manage money.
Working together, HSBC UK and Girlguiding will also provide training for Girlguiding’s 80,000 volunteers, teaching transferable money skills that can be used to support the running of Girlguiding units and in other areas of their lives at home or at work.
Latest research findings: Girls less financially confident than boys
The activities follow new research1 commissioned by HSBC UK which revealed that more than a third of girls (36%) aged five to 17 don’t think they are good at managing their money (compared to 33% of boys).
Three in five girls (63%) say they’ve observed their parents worrying about their finances, and that concern is starting at a surprisingly young age - with one in ten (11%) girls aged 5-9 years old revealing the cost of living and having enough money was a personal concern for them right now, increasing almost two-fold to about one in five (19%) girls aged 15-17.
This echoes Girlguiding’s research2 published last month, which highlighted concerns girls and young women have around the longer-term impact of the cost-of-living crisis with 62% of girls and young women aged 11-21 worried they won’t be able to afford bills and being more worried now compared to three years ago about not having a secure income or being able to afford a home in the future (57% compared to 45%).
Over half of girls (57%) aged seven to 21 said they would like to develop skills and learn more about managing money3.
New money confidence badge and activities:
The four new fun and practical activities have been specifically co-designed for each of Girlguiding’s sections and will sit within the charity’s ‘Skills for my future’ theme of its programme. ‘Rainbows coin collectors’ for girls aged 4-7 years, ‘Brownie points Bonanza’ for 7-10 years, ‘Money talks’ for Guides 10-14 years and ‘Track the cash’ for Rangers aged 14-18 years.
The activities, designed to be completed either in Girlguiding unit meetings or at home with parents and carers, start from age four following industry research that children’s financial habits are formed by the age of seven.4 They will see Rainbows and Brownies explore currency, earn coins and points and navigate saving vs spending.
Guides and Rangers will be tasked with creating a budget planner to help inform budgeting, spending and saving decisions. They will also be introduced to different financial and payment concepts including contracts, ‘buy now, pay later’ credit options and interest fees.
To mark the completion of the Young Enterprise Quality Mark Opens in new window accredited Girlguiding topper activities, members will have the opportunity to collect the new ‘I’m money confident’ fun badge.
Angela Salt, CEO Girlguiding said: “Research tells us girls want to develop skills in money management but are not getting enough opportunities. We want to change this so that we can empower girls to feel more confident about financial management, a skill that they can use long into the future.
“With HSBC UK’s support, we’re able to help girls from our youngest members in Rainbows aged four, right up to Rangers aged 18, to learn the skill of financial literacy in a fun, engaging and practical way through our resources and new badge.
Ian Stuart, Chief Executive, HSBC UK said: “Financial skills are life skills, and creating new and interesting ways for young people to build financial confidence both inside and outside of the classroom is key. By working with partners such as Girlguiding, we can help more girls and young people grow up feeling prepared and empowered to take control of their financial futures.”
Hannah, 17, Girlguiding Advocate said: “Girls are increasingly worrying about money and their futures. Talking about money still tends to be taboo and not something openly discussed. Yet learning about money from a young age is so important to enable us to make informed decisions when we get older.
“I can’t wait for these new activities to launch, empowering girls and young women across the UK with the tools to become money confident for the future.”
Girlguiding’s vision is for an equal world where all girls can make a positive difference, be happy and safe, and reach their potential. It provides a space where all girls can have fun, learn and try new things, empowering them to know they can do anything through its programme of adventures, activities and badges.
Girls and women often feel the effects of the cost-of-living crisis more than boys and men. As the UK’s largest youth organisation dedicated completely to girls, Girlguiding is continuing to call for the government to make sure girls grow up in a more equal world by making a national recommitment to ending the gender pay gap, so that earning potential is not determined by gender.
To help support girls and their families in guiding, or considering joining, Girlguiding has taken steps to ensure the organisation is accessible and affordable during the current crisis for parents and their girls. These include supporting Girlguiding units to access internal and external grants and funding.
HSBC UK has a longstanding commitment to helping people build their financial health. In 2023 the bank helped more than 645,000 children and young people build financial skills through their partnerships and the HSBC UK Education Network.