We've updated our Privacy and Cookies Policy
We've made some important changes to our Privacy and Cookies Policy and we want you to know what this means for you and your data.
Scouts launch first-ever money skills badge for Beavers and Cubs
Image source, The Scout Association
The Scout Association has launched a new badge to help over 200,000 boys and girls build important money skills for the future.
The Money Skills Activity Badge, developed with the bank HSBC UK, will be available for Beaver and Cub Scouts aged 6 to 10 to earn.
It comes after more than half of children aged 6 to 10 say they don't understand money, according to a 2020 survey by Censuswide.
The new Badge was developed after speaking to young people, parents and the financial educational charity Young Money.
Image source, The Scout Association
With contactless, digital and mobile banking growing in popularity, young people are using physical money such as notes and coins less.
This, the Scout Association says, can make it even harder to build their financial confidence.
Research by Money Advice Service also tells us that people develop money-spending habits by the age of 7.
The badge aims to build on the abilities young people already have to boost their confidence in making decisions about money.
Image source, The Scout Association
The new Badge will also help Scouts understand how their financial choices affect others as well as support those who struggle with counting and numbers.
This means that those young people who are still getting to grips with maths can still enjoy earning the Money Skills Activity Badge.