A new financial wellbeing project from Made of Money, working with families in Islington.
Get Set uses a combination of coaching, group support and digital resources to improve financial knowledge, behaviour and confidence in families with children aged 7-11.
Why work with families at this stage?
Between the ages of 7 and 11, children start to develop the financial values and norms they will carry into adult life. They also begin to understand the persuasive nature of advertising, will have made purchases online and can grasp concepts of budgeting and saving for the future.
The primary influence in a child’s financial development will come from observation and interaction with those around them, in particular parents and caregivers. It is therefore vitally important that those in this position are able to model positive financial behaviour, and have the knowledge required to offer practical advice and guidance.
How does it work?
In 2017/18, our first year of the project, we helped 12 participants by providing:
- Three one to one coaching sessions where we worked together to turn knowledge into action and encourage people to achieve their financial goals, plans and ambitions.
- Four group sessions that used discussion, reflection and peer-to-peer support to help parents become more aware of their own behaviour around money and how it might impact on their children.
Parents were also able to access a host of online activities to do at home with their children. These include looking at adverts and using online budgeting apps, or spotting marketing techniques when out at the supermarket.
What we hope to achieve
Get Set is a pilot project funded by the Money Advice Service as a part of the What Works Fund. The project aims to evaluate the impact of a blend of individual and group support on the financial knowledge, confidence and behaviour of parents of children aged 7-11, and the children themselves.
It explores the value of focusing on social and emotional skills, plus the inclusion of additional digital elements aims to sustain learning beyond the end of the course.
One parent, Ayana, shares how Get Set helped her and her family:
"When I used to try and tell my children that I can't buy them a certain thing, they didn't understand."
"In the one to one sessions, we highlighted the areas that I wanted to work on, which was mainly around saving money every month. I've started sitting down with the kids and involving them in a weekly budget and sticking with it."
"They have really enjoyed being involved and I've told them if we save enough money then we can go on holiday or do other things. It has really motivated them."
How can I get involved or find out more?
If you're a parent, a professional or a supporter, we'd love to hear from you.