Research reveals 1 in 4 Coventry children can’t recognise 50p coin
Coventry Building Society recently carried out research with over 600 primary school children in the city aged between 7-11.
One in four children (24.8%) don’t know what a 50p coin looks like, according to research by Coventry Building Society.
The findings show a widespread lack of knowledge amongst 7 to 11-year-olds of coins and how to use them, including 1 in 5 (21.3%) being unable to correctly spot a 10p piece.
Almost 25% of the surveyed children failed to work out the amount of change to expect when paying for a 75p chocolate bar with a £1 coin.
Educators believe it highlights the need for greater money awareness among children in today’s increasingly digital world.
Robin Killick is the Head of Maths at Edgewick Primary School in Fosehill.
He said: "It makes me want to put my head in my hands and weep a little bit, because teachers do spend quite a lot of time talking about money. Its one of the areas where maths is really practical and a vital life skill."
He explained how a lot of students don’t have experience or opportunities using physical money.
Mr Killick said: "We went to the museum, and I had a boy who came up to me and wanted to buy a pen for £2.50 and something else for £1.75, but only had 25p. He didn’t have a clue that he was way off.
"It’s important giving children as many opportunities and exposure to money, and in different places with different amounts of money. As they get older, having £5 and £10 notes and being able to recognise how much more valuable they are."
Some of Mr Killick’s students at Edgewick Primary School explained the importance of being money-wise at their age.
Mysha Nihad, Year 2, said: "I think its important because when you grow up, handling money will be a lot harder. What if your mum or dad asks you to go to the shops when you’re older, and you didn’t learn in primary school about money."
Toba Adedoin, Year 6, said: "As you get older, finances are going to be a lot less simple and it will take a lot more brain power and understanding. So, I think its important that we learn it from a young age."
Coventry Building Society is running educational work with schools in deprived areas within the city to help pupils with their maths and financial literacy.
Jonathan Wilson, Savings Manager at Coventry Building Society, said: "The way people interact with money has changed. With the increased use of contactless payments and online shopping, fewer young children have experience of watching or taking part in money exchanges that involves cash and coins.
"We recognise the importance of introducing financial knowledge and awareness in young children. We aim to support the learning process, getting kids more familiar with cash and coins and developing good savings habits."