HSBC UK helped the Scout Association develop their new Money Skills Activity Badge, which aims to encourage over 200,000 Beaver and Cub Scouts to build critical financial skills.
Contactless, digital and mobile banking increase the invisibility of money and make it even more difficult to build young people’s financial confidence. Research shows that more than half of children between the ages of six and ten say they don’t understand money.
The new badge was developed in consultation with young people as well as parents and volunteer scouts and is based on age-appropriate financial skills that were outlined in Young Money’s framework research.
Amy Butterworth, Program Design Manager at The Scout Association, said, “The new Money Skills Activity Badge will help young people develop lifelong financial skills in ways only Scouts can – with Beaver and Cub Scouts who have confidence and understanding Build money in a fun, hands-on, supportive environment. With the support of HSBC UK, we have been able to develop a program that is truly the first of its kind and adds an important new dimension to the scouting experience. ”
Scouts can participate in 20 new activities to earn the new badge
(Image: Scout Association)
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On the subject of matching items
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On the subject of matching items
Research by the Money Advice Service shows that we develop financial habits by the age of seven. Therefore, it is important to help young people develop these skills early on.
The badge is designed to build on the decision-making skills young people already have to build their confidence in making decisions about money
With a focus on inclusive learning, the new badge will also help Boy Scouts understand how their financial decisions affect others as well as support those struggling with arithmetic by using practical activities to encourage young people to learn by doing ” to move.
This means that young people who still grapple with math will continue to have fun earning the Money Skills Activity Badge.
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Scouts can participate in 20 new activities to earn the new badge, including:
Value menus
To achieve this element of the Badge Beaver Scout, take part in a number of activities designed to help them fund a camp lunch. They think about where your money could have a positive effect when buying their groceries – for example, by learning about fair trade products or food from the region. Read more about it here.
Pack your bags
To achieve this element of the badge, Beaver Scouts plan to take a bag on a hike and what items to take with them. Young people choose a list of things to put in their pockets. Once they have completed the activity, they will be asked to explain why they are taking certain things with them, and they can then have a discussion about the difference between needs and wants and how the decisions between needs and wants when they spend their time in Relationship put money. Read more about it here.
The Money Skills Activity Badge was 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 put the financial resilience of many families and classroom learning to the test, increasing the need for more flexible and effective financial education resources to help young people, build financial skills for a changing world.
“Creating new and engaging opportunities for young people to engage in financial literacy is key and we are excited to be working with the Scouts to bring their Money Skills Activity Badge to market – the first ever financial building program Skills of this kind. “
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Krystle McGilvery, a senior educator working in the field of financial education for young people, commented, “Financial literacy is critical to developing the financial skills we need in adulthood. The Scouts Money Skills Badge offers a range of exciting activities that enable young people to explore how the financial decisions they make affect them and the world around them. ”
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