Do practitioners hold the key to financial education for children and young people in low-income households?

Our 2022 Children and Young People’s Financial Wellbeing Survey found that children and young people living in low-income households are significantly less likely to have the foundations of good financial wellbeing compared to their peers.

This year, we worked with DJS Research to conduct interviews with a range of practitioners, parents and children and young people across the UK to understand what sort of support might be needed, and the critical role practitioners play in addressing this gap.

Our research set out to examine children and young people living in low-income household’s experiences of money and financial education to help us understand the findings of our 2022 survey.

This study forms part of our commitment towards the ‘financial foundations’ pillar of our UK Strategy for Financial Wellbeing, but we also hope it will support the design of interventions that are relevant, accessible and impactful for children and young people living in low-income households.

Practitioners working in community settings told us that they are already having conversations about money with young people.

Whether it’s a chat with a youth worker during a drop-in session, or a family support worker helping with budgeting during a home visit, it’s clear that practitioners across the UK provide natural moments where opportunities to learn about money can happen.

Nadeem is a volunteer Engagement Worker. In addition to his work as a secondary school teacher, Nadeem works with young people aged five to 18 in community settings across Birmingham.

“We’re trying to get them to start thinking about saving… little habits they can change. Some of the children are tempted to go down the wrong path to earn money, we’re trying to divert them from that.”

Nadeem told us that the young people he supports often come from low-income backgrounds and have limited exposure to financial education or positive role models.

“I think if you want to really tap into the younger age group and you want to target 11 to 18, then you've got to create content which is specifically for the practitioners who work with that age group."

Aoife is a qualified Social Worker from County Antrim, Northern Ireland. She supports young people aged 10 to 18 who are at risk due to antisocial behaviour or involvement with the justice system.

Aoife told us that she believes workshops, practical scenarios and informal conversations are the best way to engage children and young people from low-income households, especially when it’s delivered by trusted adults who understand young people’s realities.

“That’s when the door opens... people can sit down and actually do these budgeting programmes with them.”

Sam is a Youth and Play Coordinator working with children and young people referred by schools, social services and other agencies in one of Scotland’s most deprived areas.

"The children I work with are always skint. There’s a lot of jealousy of others [peers].” 

Sam told us that their organisation currently runs a mentoring scheme where children and young people are paired with a mentor.

“Mentoring is effective… the way we run it is that the mentor and their mentee are allocated £10 a week, and they have to choose where that money goes.” 

They hope that this will teach children and young people about money management and saving towards a goal.

Dr. James is a Clinical Psychologist working with children and young people aged 11 to 18, many of whom have additional learning needs or disabilities.

Dr. James told us that he frequently collaborates with teachers, youth workers and social workers to provide holistic support. His conversations often highlight that many young people have a limited understanding about money.

“I think a lot of the young people I work with probably don't have a very good understanding... about the value of money or about where money comes from.”

Dr. James said that he believes that youth workers, social workers and teachers are best positioned to deliver financial education, especially in ways that are engaging, practical and integrated into everyday life. 

“I think, actually, having these conversations in all the settings that children access is probably going to be the most effective way...”

We know through this research that financial education can’t be ‘one-size-fits-all’. It needs to be practical, flexible and rooted in real life and everyday interactions. These moments are powerful, but they need to be delivered by people that children and young people already trust.

That’s why practitioners, such as youth workers, social workers and family support staff, play a critical role. Alongside parents and carers, they can be some of the most consistent and influential adults in these young people’s lives and understand their lived experiences.

By supporting practitioners, we can reach the young people who need it most and help them build the confidence and skills to manage money well — both now and in the future.

In this study, practitioners emphasised the importance of involving families to try and break the cycle of hardship. They suggested solutions like holding community-based workshops, drop-in sessions and developing adaptable resources to help them to start a conversation with young people and their families in the right moment.

Financial education doesn’t need to be formal, but practitioners told us that they need the right tools and resources to make it easy for them to confidently respond in the moment.

Here’s what they asked for:

• Practical, jargon-free resources: Tools that are easy to use, age-appropriate and relevant to the lives of the young people they support.
• Conversation starters: Simple prompts to help practitioners start a conversation about money in informal settings.
• Digital tools: Engaging apps or games that make learning about money fun and relatable.
• Training that fits their role: Bite-sized, flexible training modules they can dip into when needed.
• Tailored content: Resources for specific groups, such as looked-after children or those with Special Educational Needs and Disabilities (SEND).
• A central hub: A one-stop shop for trusted, quality-assured materials they can access quickly.

This research deepens our understanding of how children and young people in low-income households experience and relate to money and some of the ways they can be supported to receive a meaningful financial education. 

These findings will help MaPS, policymakers and other organisations designing interventions to support children and young people’s financial wellbeing to develop practical, relevant support for practitioners and parents alike. 

There’s more to learn, and we welcome further research to help build our collective understanding of how to close the financial capability gap between children living in low- and high-income households.

Download our report into children and young people living in low-income households and their financial education and view our short, animated research videoOpens in a new window. 

Also see

• How children and yong people learn about money in a digital world
• Literature Review: The impact of digital money on children and young people’s financial education