PRIMARY school children have been getting to grips with crucial lessons about money with the backing of Chancellor of the Exchequer Rishi Sunak.

As local MP Mr Sunak joined youngsters at Alverton Community Primary School in Northallerton to find out about an award winning Kickstart education programme delivered through the Centre for Financial Capability.

The charity’s mission is to ensure every child in the UK from aged seven develops skills to deal with critical financial decisions. It’s been launched after a rapid decline in savings habits and aims to encourage youngsters to build stronger saving habits for later life, learning about the importance of savings, having a bank account and understanding issues such as interest rates and risks.

Mr Sunak said: “Money management is a vital life skill and every child in the UK should learn from an early age how basic finances work. It is essential we prepare the next generation for adult life by equipping children and young people with the right tools to help build financial resilience for the future.

“Charities such as The Centre for Financial Capability, and their award-winning KickStart Money Programme, are crucial to improving financial capability across the UK.”

Jane Goodland, Trustee of the centre said:“It is fantastic to have the Chancellor visit a KickStart Money session and see his support for early intervention financial education.

“The centre aims to educate children about money at the age when habits are first formed. Financial education at a primary level presents a real opportunity to level the playing field and build strong financial capability for every child, better preparing the next generation for future economic crises.

“Every child in the UK should be supported to navigate critical financial decisions in later life, starting at primary school and we call on the Government to take the lead and ensure every child in the UK is taught vital savings skills”.

Guy Rigden, CEO of My Bnk which supports the scheme said: “We are delighted to have Rishi Sunak’s support for effective early intervention financial education. We believe that to properly manage your money, you need to start learning about it from an early age to make positive choices in the future. In partnership with The Centre for Financial Capability, MyBnk can continue to build positive money mindsets and habits from age seven.”