The Scout Association is today launching its new Money Skills Activity Badge, developed with HSBC UK to help Beaver and Cub Scouts – that’s over 200,000 girls and boys aged 6 to 10 – build important financial literacy skills for a changing world.
Contactless, digital and mobile banking are increasing the invisibility of money, making it even harder to build young people’s financial confidence; indeed, research finds that more than half of children ages 6 to 10 say they don’t understand money.1
The new Badge was developed in consultation with young people as well as parents and Scouts volunteers, and is aligned with age-appropriate financial skills outlined in Young Money’s planning framework research.2
Amy Butterworth, Programme Design Manager at The Scout Association, said:
“The new Money Skills Activity Badge will help young people in developing life-long financial skills in a way that only Scouts can - with Beaver and Cub Scouts building confidence and understanding of money in a fun, hands-on and supportive environment. With HSBC UK’s support, we’ve been able to create a programme that is truly the first of its kind, bringing an important new dimension to the Scouting experience.”
Research by Money Advice Service3 tells us that we develop financial habits by the age of 7, so we need to start helping young people develop these skills early. The badge aims to build on the decision-making abilities young people already have to increase their confidence in choices around money.
With a focus in inclusive learning, the new Badge will also help Scouts understand how their financial choices affect others as well as support those who struggle with numeracy, using practical activities to get young people ‘learning by doing’. This means that those young people who are still grappling with maths can still enjoy and benefit from earning the Money Skills Activity Badge.
Scouts can take part in 20 new activities to earn the new Badge, including:
Value menus: To achieve this element of the Badge Beaver Scouts participate in a series of activities designed to help them budget for a camp meal. In doing that they consider where your money might make a positive impact when they buy their food e.g. they learning about fair trade items or locally sourced food.
Pack your bags: To achieve this element of the Badge Beaver Scouts plan to take a bag on a hike and what items they need to take with them. Young people choose a list of things to put in their bag. Once they have undertaken the activity they are asked to explain why they choose particular things to take with them and they can then get into a discussion about the difference between needs and wants, and how that relates the decisions between needs and wants when they spend their money.
The Money Skills Activity Badge has been developed as part of a three-year philanthropic partnership with HSBC UK.
Stuart Haire, Head of Wealth and Personal Banking at HSBC UK, said: “The Covid-19 crisis has tested the financial resilience of many families as well as disrupted in-classroom learning, elevating the need for more flexible and effective financial education resources to help young people build financial capabilities for a changing world. Creating new and interesting ways for young people to engage with financial literacy is key, and we’re thrilled to be working with the Scouts to launch their Money Skills Activity Badge - the first financial skill-building programme of its kind.”
Krystle McGilvery a leading educationalist working in the field of financial education for young people said: “Financial literacy skills are crucial for developing the financial dexterity required as we enter adulthood. The Scouts Money Skills Badge provides a range of exciting activities that allows young people to explore how the financial decisions they make impacts them and the world around them.”