Nurturing
Social Mobility

At FinancEd, we are steadfast in our commitment to nurturing social mobility by integrating comprehensive financial education into school curricula. Our tailored programs are designed to bridge the knowledge gap, empowering students from all backgrounds with the financial acumen they need to thrive. As the statistics vividly underscore, the need for financial education is not just a mere aspiration, but a tangible imperative in our mission to achieve greater social mobility. By providing students with the tools to make informed financial decisions, manage resources effectively, and envision a future rich with possibilities, we can drive real change in breaking down the barriers that limit upward mobility. Join us at FinancEd in this transformative journey as we pave the way for a more equitable and prosperous society for all. Together, we can unlock opportunities and shape a future where every child’s potential knows no bounds. Unlocking Opportunities: Empowering Social Mobility Through Financial Education In an ever-evolving world, the pursuit of social mobility remains a cornerstone of societal progress. As we strive to bridge the gaps that hinder equitable opportunities, our commitment to enabling greater social mobility in schools takes centre stage. At FinancEd, we firmly believe financial education stands as a potent catalyst in this transformative journey. Let us delve into the reasons why and explore the compelling statistics that underscore its significance. The Landscape of Social Mobility: Challenges and Aspirations Across the globe, the concept of social mobility embodies the essence of equal opportunity for all, transcending economic backgrounds. Yet, reality often falls short of the ideal. Socioeconomic disparities persist, hampering the upward mobility of individuals from less privileged backgrounds. Research from reputable institutions such as The Equality Trust reveals that the income gap between the top and bottom quintiles of households remains substantial, undermining the aspiration of a level playing field. Empowering Through Financial Education: The Pathway to Transformation At the heart of fostering social mobility lies the empowerment of individuals with the skills and knowledge needed to navigate the complex financial landscape. Financial education emerges as a beacon of hope, equipping students with the tools to make informed decisions, manage resources effectively, and envision a future rich with possibilities. Statistics That Illuminate the Need for Financial Education Economic Disparities: According to Queen’s University, Belfast, students from low-income households are less likely to have exposure to financial education. This contributes to a cycle of limited financial awareness, perpetuating the gap between socioeconomic strata. Student Debt Crisis: The burden of student loans continues to hinder upward mobility. A study by NextStepsUK demonstrates that young adults burdened by significant student debt face delayed milestones such as homeownership and retirement planning. Employment Readiness: The Centre of Social Justice highlights that a substantial number of students graduate from secondary school without the basic financial skills required for adulthood, including budgeting, saving, and understanding credit. This lack of preparation can hinder employment opportunities and financial independence. Life Choices: Financial insecurity can limit life choices. Citizens Advice indicates that individuals from low-income backgrounds are more likely to make career and education choices based on financial constraints, rather than personal aspirations. Empirical Evidence: The Impact of Financial Education Improved Financial Literacy: The Financial Capability Organisation, showcases that schools incorporating financial education into their curricula observe a significant increase in students' understanding of key financial concepts. Long-term Planning: A study by Cambridge University demonstrates that individuals exposed to financial education early in life exhibit better long-term financial planning skills, leading to improved savings habits and investments. Debt Management: Young Enterprise highlights that financial education equips individuals with the skills to manage debt responsibly, leading to reduced instances of delinquency and default. Entrepreneurial Spirit: Studies suggest that financial education nurtures an entrepreneurial mindset, inspiring students to explore business ventures and self-employment, thus diversifying their economic prospects. References: [Source 1] https://equalitytrust.org.uk/scale-economic-inequality-uk [Source 2] https://pureadmin.qub.ac.uk/ws/files/98275426/Financial_literacy_and_over_indebtedness_in_low_income_households.pdf [Source 3] https://nextstepsstudy.org.uk/student-debt-is-making-it-harder-for-people-of-your-generation-to-own-a-home/ [Source 4] https://www.centreforsocialjustice.org.uk/wp-content/uploads/2022/06/CSJ-The_financial_education_initiative.pdf [Source 5] https://www.citizensadvice.org.uk/about-us/our-work/policy/policy-research-topics/debt-and-money-policy-research/walking-on-thin-ice-the-cost-of-financial-insecurity/ [Source 6] https://www.fincap.org.uk/en/articles/schools [Source 7] https://www.cambridge.org/core/journals/journal-of-financial-literacy-and-wellbeing/article/financial-education-from-better-personal-finance-to-improved-citizenship/36663C80F62A7CA310F017343646D5BB [Source 8] https://www.young-enterprise.org.uk/wp-content/uploads/2019/02/APPG-on-Financial-Education-for-Young-People-Final-Report-May-2016.pdf [Source 9] https://lemonadeday.org/blog/why-teaching-financial-literacy-nurtures-entrepreneurial-mindset-kids