A SCHEME aiming to prepare children across the borough for a healthy financial future launched last week.

Last Wednesday, year six pupils at St Andrew's Primary School, in Ramsbottom, took part in sessions on how they can use their money to achieve their goals, as well as how to make their money work harder for them in future.

The classes were delivered by Bury-based Mackenzie Financial Planning as part of a new initiative to teach money management sessions in primary schools across the borough.

The company decided to launch the 'Cash Savvy Kids' campaign in response to recent reports that children are leaving primary school with little financial acumen.

According to research from insurance company Prudential, as many as 80 per cent of primary school teachers believe financial education should be on the school curriculum, while 69 per cent said parents should receive more support in helping teach their children about money.

Financial literacy already forms part of the citizenship programme taught at high schools, however, there is currently no formal money management curriculum for those younger.

But, according to Jane Holt, a director at Mackenzie Financial Planning, it is already too late by then.

She said: “Good financial habits are learnt early and it’s essential to get children comfortable with the concept of money – and its value – as young as possible.

“We’re living in a time of digital technology and virtual wallets and most children rarely handle real cash. We are all used to being able to obtain whatever we want, instantly, at the touch of a button.

“However, we’re seeing that when young people are going to university or buying their first home, they have no idea how to manage their money in the real world. We are hoping that by teaching the basics at an early age, we can go some way to preventing this."

The sessions coincide with Financial Planning Week, an annual event aimed at encouraging the public to start planning and managing their finances.

Following the session at St Andrew's, each child took home a piggy bank to help them start saving.

Speaking after the launch, Ms Holt said: “It was great to kick off the sessions at St Andrew’s Primary School today - the children really engaged with the activities and we hope we have gone some way in helping them start the path to a bright financial future.”