30th October marked a historic day in the UK Parliament as Rachel Reeves became the first female Chancellor of the Exchequer to deliver a budget in front of the House of Commons. It was also the first official Labour Party budget since 2010.
Reeves announced a tax rise of £40bn in the Autumn budget, highlighting a need to invest more in public services. She spoke critically about the conditions of UK schools under the Conservative Party’s 14-year reign by saying that “schools’ roofs are crumbling” and that progress had “gone backwards” during their party’s leadership. She vowed to be the Chancellor to change that.
“I am providing £6.7bn of capital investment to the Department for Education next year, a 19% real-terms increase on this year,” she said. “Alongside investment in new teachers, and funding for thousands of new breakfast clubs, this government is giving our children and young people the opportunities that they deserve.”
We know the policies will impact children and young people – but what are we doing to help them understand how a budget impacts the wider economy, or even Reeves’ role in the government?
A deficit in economic and financial literacy
Reports show that most UK citizens are ill-informed about financial literacy. A study from Cebr found almost two-thirds (61%) of young adults do not recall learning any economic or financial education at school
Another poll carried out by True Potential found that 52% of 18- to 24-year-olds admitted to feeling confused about financial matters either some or a lot of the time.
It is essential that young people feel empowered enough to make sound financial choices. It is also important for students to know how government decisions impact the economy and society around them in order to participate in democracy.
We’re aiming to combat the deficit in economic and financial literacy by launching a collection of free teaching resources all about the economy and the role government plays in it.
Teachers and educators can find materials for learners aged 5 to 18 covering topics such as tax, economic cycles, individual spending, and government budgets. They will help you fulfill curriculum requirements such as citizenship and SMSC and develop your students’ critical thinking, empathy, teamwork and presentation skills for life.
Here are five of our best teaching resources for boosting economic and financial literacy.
‘How does the Budget Impact Me and Others’ is one of our timely resources that allows students aged 11-14 to annotate analyse information on the budget to grasp a better understanding of its specific details. The second task gets students to put themselves in someone else’s shoes and reflect on how a person’s living circumstanceslife isis impacted by the new budget based on their financial situation prior.
Our beginners’ lesson plan, ‘Money-Wants and Needs’ is targeted towards a younger demographic aged 5-7. They will learn the purpose of money, weigh the differences between wants and needs and how both influences how they will spend in the future.
‘Why Do We Pay Taxes Part 1’ explains the role that taxes play in funding our public services and how the governments taxation strategies change based off the most prominent issues facing our society in the moment.
‘Why do we pay Taxes Part 2’ gives students the opportunity to develop their communication skills by tasking them to go out and survey residents in their area on the biggest issues facing their community. Students will then gather their findings and craft a letter to the local council on how community members want taxes to be spent.
‘The Government and the Economy’ aims to inform students aged 16-18 about Government spending by weighing up the strengths and weaknesses of their public spending decisions. It also introduces key economic terms such as taxation and welfare benefits.
“You Decide” even gives students hands-on experience by giving them the chance to play with an imaginary £10 million pound support grant. How do you think they will spend it?
All resources include editable PowerPoint slides, making them flexible for teachers to deliver as they wish. Each lesson ends with a call to action for young people to use what they have learned in their daily lives.
As the Labour Government puts its Autumn budget into action, this is a timely opportunity to boost economic and financial literacy in your class!
Photo credit: Lauren Hurley / DESNZ / HM Treasury