Award-winning money teacher talks to ii

‘Growth of “buy now, pay later” services particularly worrying’, winning teacher from 2021 tells interactive investor.

• Still time to enter the interactive investor Personal Finance Teacher of the Year Award 2022
• £50 vouchers for the first 250 teachers who enter
• To nominate a teacher, email teacher@ii.co.uk
• Teachers can also nominate themselves by emailing teacher@ii.co.uk with lesson plan and supporting statement

With personal finance education perhaps never so important given the rising cost of living, the search is on to find Britain’s best money teacher, with a £25,000 prize pot to be shared among winning schools, and there is still time to enter.

Interactive investor speaks to Nicola Butler, one of the winners of the interactive Investor Personal Finance Teacher of the Year Award 2021, to talk about her approach to teaching kids about money and why entering ii’s award was such a valuable experience for her and her pupils. And there’s still time for teachers to enter this year!

Nicola Butler is a maths and finance teacher at Ysgol Eirias, a highly regarded state secondary school in Colwyn Bay, Wales. It has a mixed intake – both in terms of ability, and pupils’ backgrounds.

Nicola is particularly worried about the rise in ‘buy now, pay later’ schemes and says: “This is a topic we explore in depth in the classroom – making sure children can look past the glossy marketing and social media presence of these companies and see them for what they are – credit providers, which carry the same risks as any other.

“It is easy to see how the rise in this ‘BNPL’ culture could drive impulse purchases and put people in debt and severe financial difficulties. Indeed, my concern is not just how young people, once they turn 18, might start using these services, but also how they can impact parents and families.”

How to enter interactive investor's Personal Finance Teacher of the Year Award 2022

To nominate a teacher, parents, carers, or pupils should email teacher@ii.co.uk with the teacher’s name along with the name and address of the school, by Monday 25 July 2022. We will then approach the teacher and ask them to submit their lesson plan and brief supporting statement (teachers will need to submit this by Monday 8 August 2022).

Teachers can also nominate themselves, by emailing teacher@ii.co.uk with a lesson plan and supporting statement by Monday 8 August 2022. Teachers do not need to be nominated in order to submit an entry.

Below, Nicola Butler, interactive investor Personal Finance Teacher of the Year 2021 (secondaries), shares her experience:

I am, and will continue to be, a strong advocate for greater financial education in schools. We are seeing increased demand, especially at GCSE level, for Personal Finance as a subject. In fact, it has become so popular that it is verging on oversubscribed, and I am often having conversations with parents telling me they wish they had studied it when they were at school. 

In today’s financial environment, we need to equip children with the tools they need to make the most of their finances and avoid making themselves vulnerable to debt and other concerns. They need to go out into the world well-prepared and with their eyes open.

One way to think about personal finance education in schools is to start with what we do in the classroom: what we teach, who we teach, and how. Another valuable way to approach the subject is to start by thinking about the fast-changing world beyond the classroom, and how it affects people’s finances.

There are long-term trends, such as having to take more responsibility for retirement saving, but there are also more immediate changes which we can see every day. These are often driven by technology, which can bring real benefits, but also dangers.

I find the growth of ‘buy now, pay later’ services particularly worrying. This is a topic we explore in depth in the classroom – making sure children can look past the glossy marketing and social media presence of these companies and see them for what they are – credit providers, which carry the same risks as any other.

It is easy to see how the rise in this ‘BNPL’ culture could drive impulse purchases and put people in debt and severe financial difficulties. Indeed, my concern is not just how young people, once they turn 18, might start using these services, but also how they can impact parents and families.

When you look at the world from this perspective, you see not just why we teach personal finance, but also why we are so passionate about it and its wider relevance.

Personal Finance is taught in several ways at our school. Everyone in the school has Personal, Social, Health and Economic (PSHE) education that includes personal finance education. Since September 2020, we have also been teaching a GCSE equivalent in Financial Education [Level 2 Certificate in Financial Capability and Careers Development] as an option. We teach the London Institute of Banking and Finance’s Certificate in Financial Capability, which is the equivalent of an AS-Level, and its Diploma, which is the equivalent of an A-Level.

In addition, we use cross-curricular teaching. For example, I am primarily a maths teacher and might use a personal finance example when teaching maths. This kind of teaching gives lessons an extra dimension, increases their relevance, and makes them even more engaging and valuable in preparing pupils for life ahead. It is a powerful technique that can increase attainment in both subjects.

One point I should make clear, is that we very much emphasise the positive aspects of finance, not just the dangers of debt. For example, we cover pensions, and the need to start saving early. We also encourage pupils, when they turn 18, to open a Lifetime ISA (Individual Savings Account). Even if they put just £10 in, meaning the government 25% top-up is worth just £2.50, it teaches them how the scheme works, and means they have started saving.

We also talk about the role of financial planning. I know from my experience before teaching, as a commercial banker, that effective budgeting is not just essential for personal finance, it is also a cornerstone of successful entrepreneurship and creative endeavours.

Winning an Interactive Investor Personal Finance Teacher of the Year Award has been incredibly valuable. Most obviously, the school is receiving £5,000 as prize money which will be used to get more laptops for students.

However, it is not just the prize money that has been appreciated. Following an interview with the Financial Times, after it was announced that I had won, I was asked to contribute a chapter on personal finance to a forthcoming PSHE textbook. They have asked me to highlight the need for financial education considering economic trends, debt, and the rise in pay day loans, as well as to outline broader concepts.

The most heart-warming benefit of winning the award though has been the way it has further boosted the standing of the subject among pupils and parents. The award, and the subsequent attention from local media and the national press, has caught the attention of many. It was so lovely to hear pupils saying, ‘that’s my maths teacher!’ – clearly proud of the work we do, and why we do it.

Ultimately, it’s helped make our pupils more excited about personal finance and understand why it is fundamental to understanding the world we live in.

How to enter 

To nominate a teacher, parents, carers, or pupils should emailteacher@ii.co.ukwith the teacher’s name along with the name and address of the school, by Monday 25 July 2022. We will then approach the teacher and ask them to submit their lesson plan and brief supporting statement.

Teachers can also nominate themselves, by emailing teacher@ii.co.uk with a lesson plan and supporting statement by Monday 8 August 2022.

Nicola, and the ii Personal Finance Award, was recently featured on the BBC, here.

Editor’s notes:

Personal Finance Teacher of the Year – Competition Terms and Conditions

The competition is open to all qualified teachers employed at a primary or secondary school in the United Kingdom, but nominations can be made by anyone who is resident in the UK (including parents, guardians, and pupils).

How to enter:

Nominations can be made by anyone (including parents, guardians, and pupils) who is resident in the UK.

To nominate a teacher, parents, carers, or pupils should email teacher@ii.co.uk with the teacher’s name along with the name and address of the school, by Monday 25 July 2022. We will then approach the teacher and ask them to submit their lesson plan and brief supporting statement (teachers will need to submit this by Monday 8 August 2022).

Teachers can also nominate themselves, by emailing teacher@ii.co.uk with a lesson plan and supporting statement by Monday 8 August 2022.

Only one entry may be submitted by any person.

The prizes:

• The following prizes will be awarded to schools:
• Personal Finance Teacher of the Year (primary school)
• Personal Finance Teacher of the Year (secondary school)
• Runner-up prizes, special Judges' Awards and Highly Commended prizes may be awarded at the judges' discretion. The full prize money will total £25,000 to be shared across winning schools.
• Prize money will be awarded to the school.
• interactive investor Services Limited reserves the right to alter, withdraw or amend this competition at any time.

Winner selection and notification:

The winners will be selected by a panel of judges selected by Interactive Investor Services Limited. Judging will be on the basis of the lesson plans and supporting statements supplied.

The winners will be notified by mail, email, telephone or in person as soon as reasonably practicable after the judges have made their decisions. The notification will include details of how the prize can be claimed.

In the event that a winner does not accept their prize, Interactive Investor Services Limited reserves the right to select an alternative winner.

Personal Details:

The winners consent to the use by Interactive Investor Services Limited of the winner's name, and school name and town/City, for the sole purposes of announcing the winners. By claiming the prizes, all winners consent to the same.

Winners consent to their photos, names and the name of their school being used by interactive investor. By claiming the prizes, all winners consent to the same.

Winners consent to their photos, names and the name of their school being used by other media unconnected with interactive investor. By claiming the prizes, all winners consent to the same.

By allowing their nominations to be considered by the judges, all participants agree to be bound by these terms and confirm that the decision of Interactive Investor Services Limited is binding.

The competition will be governed by English law and entrants to the competition submit to the exclusive jurisdiction of the English courts.

Promoter:

The competition is run by Interactive Investor Services Limited, 201 Deansgate, Manchester, M3 3NW.