An online platform that teaches children the value of money has been backed by a leading accountancy firm in Suffolk.
Moneyready was launched by Woodbridge-based Helen Driver, who has had a 20-year career in finance and banking, as a tool to help young people between the ages of seven and 18 understand financial decisions.
And today it received the support of Beatons, an accountancy practice in Ipswich, which said this was an excellent way to give children a “useful, practical and valuable” education while stuck at home.
Andrew Diver, head of taxation at the company, was asked to review the site which covers a range of issues from budgeting to banking, investments to insurance and saving to spending.
He said: “Money lessons are among the most important we can give our children but they are often left out of the curriculum or only explored briefly.
“We are in a situation where parents are being forced to find resources to help them homeschool children during this pandemic and we have been thoroughly impressed with Helen’s invention. This is a way to use this period of time to give your child an educational boost that will serve them well for their whole future.”
The site uses a series of interactive games, lessons and quizzes on and ties in directly with the school citizenship curriculum for key stages three and four.
Helen, a mother-of-two, said: “Research suggests children really start to grasp the concept of money from the age of seven and yet, when they need to strike out on their own and become financially independent, the vast majority struggle.
“There are a number of reasons for this. Firstly, children struggle with delayed gratification and their early interactions with money involve spending rather than saving.
“Secondly, money has become invisible to children thanks to the rise of plastic and things like online purchasing and gaming currencies.
“And thirdly, education on financial planning is poor and while a lot of money management for adults involves debt and credit in the form of loans, mortgages and hire purchasing, children witnessing this are given no guidance on how this works.
“What this means is that teenagers are growing up believing that getting into debt is a way of life.
“We owe it to our young people to ensure that they have the financial acumen to deal with the responsibilities of being an adult and that’s where I come in.”
She added: “Young adults need to understand more about things like loans, mortgages, interest rates and credit cards and not fear the terminology of finance which can be very confusing.
“My platform is designed to handle all this and arm children with the skills they need to avoid the damage of debt in later life.”
Moneyready is a completely Suffolk-based project and has been developed using the talents of Suffolk-based developers and designers.
It is pitched at three levels – seven to 11, 11 to 14 and 14 to 18-year-olds with each level getting progressively more complex.
“The purpose of the platform is to teach children the fundamentals of managing money in a format they already embrace — via a screen,” said Helen. “Schools – and parents – have really grasped this as a way to engage with young people which is why there are hundreds of apps and websites which work to boost education on things like times tables, phonics and spellings.”
These include popular E-learning platforms such as Mathletics for maths, Spell Wizards for the English language, Quizlet to help children with homework assignments and Bee Bot for programming and coding – all of which have been heavily adopted in recent weeks as parents look for ways to educate children at home.
Moneyready is currently freely available to schools during the lockdown period. Simply email email@example.com to be set-up today.
For more information visit www.moneyready.org