Understanding the factors that influence children’s financial literacy skills in Coalville

Overview

The Organisation for Economic Co-operation and Development (OECD, 2020) reports that poor rates of financial literacy amongst citizens leave them unable to make sound financial decisions. This is especially prevalent in low-income and disadvantaged communities. Research suggests a link between mathematical skills and financial literacy. This project, centred around a network of schools in Coalville, Leicestershire, will seek to explore the challenges of developing financial literacy. Coalville is a vibrant yet often overlooked community in north-west Leicestershire classified as one of the top three priority neighbourhoods due to its high levels of deprivation compared to other parts of the county. Four schools in this town are grouped within a larger multi-academy trust, the Lionheart Education Trust.

This project will work with students, teachers, parents and the Lionheart Trust leadership to research specific challenges to developing financial literacy. Firstly, we will develop reliable tools to measure children’s knowledge about money and finances. Secondly, we will examine how the home and school environments influence children’s financial literacy, whilst also examining the relationship with other numerical and cognitive skills. Thirdly, we will develop and evaluate activities and resources for parents and schools to help children build their financial literacy skills.

This project will lay a critical foundation for future large-scale initiatives aimed at improving the financial well-being of children, families, and society as a whole. Developed through a strong

partnership between Loughborough University, De Montfort University, and The Lionheart Academy Trust, this project brings together academic and educational expertise.

This project has been co-created and is supported by researchers from the Loughborough University, De Montfort University, and partners at the Lionheart Education Trust. The successful candidate for this project will be enrolled at Loughborough University.

Project Aims:

The aims of this study are:

1. To develop robust and reliable measures that assess children’s financial literacy skills and the school and home financial education environment.

2. To examine how children’s mathematical skills and their home and school financial education environments interactively influence the children’s financial literacy at primary and secondary school stages.

3. To develop, in collaboration with parents, a financial literacy intervention for children, which could yield significant benefits for individuals, families and society.

What is Collaboratory?

Collaboratory is a new research programme, led by Universities for Nottingham and the Leicester Universities Partnership, that places community knowledge and experience at the heart of research. This eight-year initiative is pioneering a new approach to collaboration, working closely with local communities and community-focused organisations to develop and deliver research that aligns with the needs and priorities of local communities.