Not adding up? Why children's financial education should start early

We live in a costly world and it's important that children learn how to manage it from an early age. Primary school is a good place to start.

Starting early can help prepare children to learn healthy ways to manage their finances. Through the process, children can learn about everything within the financial world, including debt, mortgages, pensions and budgets.

According to the Money and Pensions Service (MaPS), an arm's-length body of the UK Government: "Financial education is any activity that helps children develop the knowledge, skills and attitudes they need to manage money well, make informed financial decisions and achieve their goals. 

"It can cover a wide range of topics, responding to the needs of children, from recognising notes and coins, basic budget management and saving, to understanding the difference between needs and wants, the link between money and work and keeping money safe."

In recent years, it has become clearer that at least a basic level of financial education needs to be included in school syllabuses, preferably as early as possible. 

Herminone McKee, chief financial officer (CFO) at SumUp, told Euronews: "As we look ahead to the next generation of young business leaders and entrepreneurs entering the workforce, it becomes increasingly evident that instilling financial literacy at a young age is a key component to success. 

"Despite the digital fluency that characterises 'Gen Z', studies indicate a concerning lack of financial literacy. Schools and parents alike should take care to take advantage of this new tech savvy generation to find innovative teaching methods and new means of technology that resonate with them. 

"Because financial literacy is not just about understanding interest rates or how