Last month, The Scouts released a new badge, aiming to help build young people’s confidence and understanding of money through creative, fun and hands-on activities. But how did it come about, and how is it earned?
The badge came about after research by the Money Advice Service, which found that we develop financial habits by the age of 7. The Scout Association said that ‘we need to start helping young people develop these skills early’
To earn the badge, there are 4 topics that young people will need to cover:
1. Becoming a critical consumer
2. Managing risks and emotions associated with money
3. Understanding the important role money plays in our lives
4. How to manage money
To do this, The Scouts have partnered with HSBC UK, who plan to train over 200 of their staff to provide sessions to Beavers and Cubs, to help them earn the badge.
Beavers and Cubs will also learn about how their financial choices effect others, and those who struggle with numeracy will benefit from ‘inclusive learning’, which will get young people ‘learning by doing’.
Stuart Haire, Head of Wealth and Personal Banking at HSBC UK, said:
‘The COVID-19 crisis has tested the financial resilience of many families as well as disrupted in-classroom learning, elevating the need for more flexible and effective financial education resources to help young people build financial capabilities for a changing world. Creating new and interesting ways for young people to engage with financial literacy is key, and we’re thrilled to be working with the Scouts to launch their Money Skills Activity Badge – the first financial skill-building programme of its kind.’