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Teachers Building Society, in partnership with Queen Elizabeth’s School in Wimborne, is taking an innovative approach to make financial education more appealing to young people.
Wimborne-based Teachers and the Saffron, Ipswich and Loughborough building societies have joined forces with Mutual One – a company that provides support services for building societies and other mutuals - to create the initiative, which is aimed at schools within their catchment areas.
To make the lessons more appealing to students, they decided to avoid traditional methods of learning delivery such as booklets or presentations and instead have developed a series of podcast modules on topics ranging from how accounts work through to mobile phone contracts and travel.
Teachers Building Society has provided Queen Elizabeth’s School with MP4 players with the first three modules pre-loaded free of charge. Additional modules are available, again free of charge, for download from the Society’s website.
The podcasts were prepared for the societies by ‘Do-Be Ltd’ a Scottish company specialising in creating learning materials for schools in a language and style that young people can identify with.
The chief executives of the four societies are all giving the new initiative their full backing.
“Finance is potentially a pretty stuffy subject, but is without doubt extremely important for our young people to know about and understand,” said James Bawa, chief executive of Teachers Building Society.
“As mutual building societies, we take our social responsibility very seriously and want to help the future workers in our communities equip themselves better for the complex world of finance. These days, too many people get themselves into debt very early in life and spend several years trying to keep up with life’s constant demands on their cash.
“We hope that providing these podcasts will help them to take more control over how they manage and spend their money.”
Andy Puttock, Headteacher at Queen Elizabeth’s School, is delighted with the impact the initiative has already made in school:
‘Thanks to the support of the Teachers’ Building Society, we are making a real difference to our students’ financial education. We have long been committed to providing students with the best possible preparation for their future economic well-being, which is becoming more and more important by the day, and this new resource is a fantastic addition to the teachers’ toolkit.’
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