Report

Practice makes perfect

This report from UK think tank the Centre for Social Justice provides insights from experiential financial education in Blackpool.

The world for disadvantaged young people is one often dominated by cash, where spending takes precedence over saving as a precarious future leaves only uncertainty. Young people face significant gaps in their understanding of basic financial concepts, but Boathouse’s experiential learning techniques help bridge those gaps through exercises that give young people direct experience outside of familiar environments. Money confidence is something we all may feel we lack whatever our own resources. It is a complex environment, whether considering obtaining the daily necessities or navigating the world of pensions. So, the conclusions reached by the Centre for Social Justice are fundamental. Financial education needs to relate to young people’s daily lives and challenges now and not a few years hence, and involve practical learning, rather than just a whiteboard. Most importantly of all, as is the case with working on so many of Blackpool’s challenges, practitioners must see the world through the eyes of the people themselves to understand the challenges faced, not impose their own narratives.