St. James’s Place is making financial literacy a top priority

At a glance

• Less than half of young people aged 12 to 17 years feel confident that they know how to budget or save.¹ Many leave school feeling unprepared for managing their own finances.
• Financial education is a cornerstone of being a responsible business and creating a fairer future for all young people.
• The SJP Financial Education for Young People programme is raising the level of financial literacy across the UK and Asia – by sharing and promoting money management skills in schools and colleges.

Each of us will have a lifelong relationship with money, so understanding how to manage our personal finances is a key life skill. Financial literacy can mean the difference between success and failure; between achieving your goals or falling short of them.

In the UK today 5.3 million children go without proper financial education. And as a result, less than half (43%) of young people (aged 12 to 17) feel confident that they know what they’re doing when it comes to money.¹

Helping to explain and educate people about their finances is at the heart of what we do at St. James's Place. Money shapes our future goals and aspirations – and crucially, it makes them possible.

Bridging the knowledge gap

In 2014, SJP made a commitment to raising the level of financial literacy in the UK – by taking action in schools and colleges across the country. Today, our Financial Education for Young People programmes are changing those statistics from the ground up, going into classrooms and student organisations to give young people the facts and confidence they need to succeed.

“Making more people feel financially literate, confident and in control, gets to the heart of our core purpose.” Vicki Foster, SJP’s Responsible Business Divisional Director confirms. “Sharing our knowledge is an investment in everybody’s future financial wellbeing.”

The younger we start, the greater the impact.

10 years ago, financial education wasn’t even part of the school curriculum. Yet according to the Money and Pensions Service, our money habits begin to form when we’re just 7 years old. Understanding money and how to use it wisely can start in the earliest school years.

2021 saw our first Key Stage 1 sessions in primary schools, using an SJP designed story called ‘Saving your Acorns’ to help 5-7 year olds understand the idea of saving for a rainy day. Saving your Acorns was written in 2016 by Rob Gardner, who is now SJP’s Director of Investments.

Last year, more than 5000 children received the hour-long workshop. “I learnt that when acorns are left alone they turn into trees, and they make even more acorns. I won’t spend all my money. I will save it and also share it” said Sarah, aged 6.

“Money Matters” – bringing money to life for 10-12 year olds

Working alongside financial education charity RedStart, SJP also delivers ‘Money Matters’; a half-day financial education workshop aimed at 10-11 year olds. The free, 3 hour workshop is games-based, highly interactive and high-energy, as children compete with each other to learn key skills such as saving, budgeting, managing spending and risk versus reward.

The teenage years: sharing skills and building confidence

‘How to budget’ comes up time and again as the number one skill that people wish they’d learnt at school.

So, for the 13-14 year olds, and the 16 -18 year olds who are about to leave school and possibly live away from home, SJP offers 14 modules covering 7 key topics. Students can ‘pick and mix’ from modules including budgeting, borrowing and day to day banking. “Our aim is to provide young people with financial education that will last a lifetime” says Kate Stickley, SJP Responsible Business Corporate Consultant. “We want to give them practical, lasting money skills, not just a single, hour long lesson on a Friday afternoon. Our modules are meaningful and impactful. Young people deserve a proper financial education so they can budget, forward plan, and feel empowered to create the future they want.”

Making a dent in the statistics

Since 2015, almost 40,000 young people have received SJP-led Financial Education, learning key money skills through storytelling, games, toolkits and lessons.

SJP is now supporting Young Enterprise and Young Money, the financial education arm of the Young Enterprise charity, to reach even more young people and maximise impact in classrooms, playgrounds, football clubs and youth centres.

Building a brighter financial future for everyone

“For me, building brighter financial futures starts with getting people to feel confident in talking about their finances, knowing where to find the information and who to talk to or turn to. It's giving resources to future generations” says Kate Stickley. Whatever path any of us choose in life, money makes it possible. And knowing how to save, grow and use that money well brings a feeling of genuine financial wellbeing.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

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