We are exploring whether we can develop a measure of financial literacy for children under seven given their young age, and if we can, what that could look like, and if it could be used at scale across the UK.
We have a definition and a way of measurement for older children, aged over seven, via our Children and Young People’s Financial Capability survey. However, the measure isn’t appropriate for children under seven, either in terms of content or format. This leaves us with a measurement gap for children under seven.
Existing evidence shows children start to learn vital money skills and habits between three and seven years of age. We know experiences and learning about money when we’re young can have a direct impact on the ability to manage money later in life.