Future Forum | Bank of England

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The Bank of England should have a duty to educate the young people of today on what the future of money is and how young people can responsibly use money, open a bank account and perform normal, money related tasks. Many parents and adults are not able to educate their young people in an ever changing and global world and as they are at the forefront of the change, the Bank should take responsibility to educate this country's young people on finance and the changes that are in store. Furthermore, young people are the future workforce for the Bank, so proper education will prepare them for a marketplace that will be drastically different to the one that their parents grew up and worked in. 

 

Shelley (BoE Moderator) 2 months ago

Thank you for your post. The Bank does indeed visit schools and does educational videos called Knowledge Bank to help society understand more.
Michelle - can you add anymore on what the Bank already does with schools?

Bristol Youth Mayor BYC 2 months ago

Hi Shelley. Thank you very much for your comment- I did not realise what the bank is doing and it is great to see what they are doing already.

Ivoni Mataj 2 months ago

Thank you for sharing. This is a great idea. Outreach and Education is one of the key initiatives of the Bank's strategy. In addition to what Shelley mentioned the Bank has already developed various education materials (https://www.bankofengland.co.uk/education) and the work is ongoing to improve this.

Cameron Penny 2 months ago

A fair point and one the Bank is doing quite a bit on. I'm going to Clacton in January to explain to 280 Year 10 students what we do, how it impacts or will impact them and why it matters. It's something we'll keep on doing because the job of education is an ongoing one.

Ranjit (BoE Moderator) 2 months ago

I think it is so important to educate young people and they are never too young to learn. I gave a talk to two classes at my son's Primary School last year. The children were aged 4-5 years old and they were so engaged with the conversation and asked lots of interesting questions. I gave another talk about the Bank to the same classes this year and I was genuinely impressed with how much they remembered and how much they got involved.

Ramblingsofabard 2 months ago

I think the Brexit referendum should open our eyes to never ignoring the younger generation when looking into the future. Kids have a lot more autonomy at a younger age now and definitely would benefit from learning about banking early on in life.

Shelley (BoE Moderator) 2 months ago

Thank you for your comment - i thinkt his is a good point!

Malavika Jissi 2 months ago

As a young person myself, I have unfortunately never received a coordinated talk about banking or money, most my knowledge either comes from the internet or through economics lessons ( a subject I take). However my friends on the other hand never had any opportunities to learn about banking, savings or credit scores, we will also be considered a fully functioning adults by next year yet many my age does not understand finance.

Shelley (BoE Moderator) 2 months ago

Great comment and this is dissappointing to hear. We do have knowledge bank videos on our website - please feel free to have a look. But i think you point, along with this post, shows there is a demand that society as a whole should be taught more about banking and money - the question is who should provide this? (Not a question for you to answer but I'd be interested in your views)

Bristol Youth Mayor BYC 2 months ago

I think that organisations like the Bank of England, and others, should provide resources to teachers and schools so they can then teach effective and well researched lessons. It is great to see what the Bank already does but the public awareness of these campaigns needs to be raised so that they are properly used to their fullest capacity.

Future Forum 2 months ago

Thanks for this - public understanding and outreach is a really big drive for us at the moment, but we appreciate we need to build more awareness of the educational resources and programmes we have on offer to really maximise their potential.
If you have any ideas on how we can extend our reach and raise awareness of our initiatives (available here: https://www.bankofengland.co.uk/education), please do let us know!

Bristol Youth Mayor BYC 2 months ago

The best way to spread these resources would be to contact national organisations such as the PSHE association as they have a lot of gravitas with PSHE teachers. I think that contacting the big, national MAT's such as Academies Enterprise Trust, United Learning and Oasis would be another good starting place as they could use your resources in schools up and down the country which, in turn, would create discussion at local PSHE teachers meetings. I know that there are many people working in local authority's, schools and the voluntary sector, myself included, that are always on the lookout for up to date and helpful resources to share so once they start getting used in schools I am sure that they will gain traction.







Malavika Jissi 2 months ago

This was the exact same idea I was thinking of, during my primary, secondary and A-level school education (10+ years) we have discussed the same topics in PSHE , I understand that the topics discussed are beneficial however a person's future financial stability is just as important, the knowledge on finance can create more stable families and give people the incentive to have a better outlook with long term goals, it will lead to more people acting reasonably. We can input banking and finance into the PSHE curriculum, of course this will take time and debating but I think in the long term we can create something that is better of for society as a whole.

Bristol Youth Mayor BYC 2 months ago

As someone who is in full time education I completely agree but as PSHE is not compulsory, there is no national curriculum. This is bad in the fact that not all schools do it and no one will do the same thing but at the same time, if a school wanted to use the BoE resources then they would not have to go through any overly official processes to implement it in their schools.

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Amy Buckingham 1 month ago

This idea has been advanced to the current phase

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