Abacus Family Financial Literacy

Abacus LogoYoung Money Quality Mark

Abacus is a new Lloyd’s Community Programmefunded financial literacy project engaging children and their parents in Tower Hamlets.  In a series of six weekly workshops over one term, children aged 9-11 and a proportion of their parents concurrently explore the practical and emotional aspects of managing money, learn about financial products and concepts and engage with the world of work.  

The workshops are supplemented by two trips to the Bank of England Museum and the Lloyd’s building. We deliver the project in partnership with Quaker Social Action who run the parent workshops.

Using our curriculum-linked activities recently accredited by Young Money’s Financial Education Quality Mark, volunteers from across the Lloyd’s market support or deliver two or more workshops for 9 -11 year-olds, as well as some joint activities with parents.  With a THEBP lead facilitator, volunteers bring money, insurance and the world of work to life, whilst broadening children’s aspirations. 

This video gives a flavour of sessions in action: 

 

How it works

Sessions are delivered in the main by a THEBP facilitator, and supported by Lloyd’s Community Programme volunteers who faclitate a small group of pupils to work through the interactive activities and discussion.  Volunteers are encouraged to bring their own experiences and knowledge to the discussion to help pupils complete the activities, or simply to enrich pupils’ understanding of the topic.  Volunteers take the lead in delivering Session 6 – Insurance & Risk, to both children and parents.  

 

Children’s Session

Parents’ Session

1

Introduction to Money Matters

Introduction

2

Making Money Choices

Budgeting

3

Managing Money

Credit

4

Advertising & Marketing

Debt

 5

World of Work: Jobs & Taxes

Children & Money

6

Insurance & Risk

Insurance; Communications

Trip

Lloyd’s Visit

Trip

Bank of England Museum visit

Abacus aims to build on our established BEE financial literacy programme, by engaging parents in both their own and their children’s financial capability.  
The role of parents
 
Download a detailed outline of the project here.  

We know that parents and the family environment are the most powerful influence on a young person’s financial behaviour, but that many parents lack confidence in communicating with their children around money. 28% worry about their children asking them questions about money that they themselves can’t answer. Two fifths of parents (41%) admit they don’t talk about money management with their children.

Parent workshop

Evaluation 

In our pilot year 2016-17, we trialled a pupil outcomes evaluation, including gathering feedback from schools, parents and volunteers.   We found that:

  • Engagement and enjoyment levels of the programme to be consistently high, across pupils, parents, volunteers and schools.  Pupils visit Lloyd's
  • Abacus had the greatest impact on pupils’ financial knowledge and understanding of concepts such as tax and interest, as well as their awareness of the difference between needs and wants when making spending choices. 
  • Abacus had a less measurable impact on pupils’ attitudes, including critical awareness of consumer culture. 

Read the executive summary and full Abacus Evaluation Report 2016-17, including the changes we are making to our evaluation to get a clearer picture of the impact of the project moving forward.    

How to volunteer

The Abacus project is open only to volunteers whose companies are part of the Lloyd’s Community Programme.  Other volunteers can refer to our BEE financial literacy programme, which is open to all companies.  

Upcoming volunteer dates for the Spring 2018 scheme taking place at Smithy Street Primary are: 

Bank of England Museum – Wed 31 Jan, 10am – 12pm
Session 1
 – Wed 7 Feb, 8.45 – 10.45am
Session 2 – Wed 21 Feb, 8.45 – 10.45am
Session 3 – Wed 28 Feb, 8.45 – 10.45am
Session 4 – Wed 7 March, 8.45 – 10.45am
Session 5 – Wed 14 March, 8.45 – 10.45am
Session 6 – Wed 21 March, 8.45 – 10.45am
Lloyd’s Visit -Fri 23 March, 12 – 2.00pm

Contact Avantika Taneja at [email protected] to sign up.