Abacus shows East End children how to be ‘streetwise’ with money

Pupils learn to be "streetwise" with money in Abacus programme

Pupils learn to be "streetwise" with money in Abacus programme - Credit: TH EBP promo

A project to get youngsters and their parents more streetwise with their money is being introduced for schools in East London.

The Abacus programme being rolled out in the next six weeks by Tower Hamlets Education Business Partnership is being launched to coincide with My Money Week run by Quaker Social Action which tackles urban poverty.

It involves workshop sessions which aims to help pupils and their parents have a “better relationship” with each other over the family budget and what to spend their money on.

“The Abacus programme is a highly effective system that helps people have better lives,” the Education Business partnership’s project manager Becky Feetham said.

“We are experts in delivering financial literacy programmes to schools, but working with Quaker’s Made of Money programme enables us to help parents as well.”

The Abacus workshops which were piloted last year are to run over six weeks later this month and into July at Old Palace Primary School in Bromley-by-Bow. But the intention is to introduce it more widely across the East End.

The workshops cover practical money-related matters, from managing household bills to savings, as well as the psychology of handling money and providing support to help families get to grips with their finances if they are on low income.

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Quaker Social Action’s Del Hemley said: “Providing a forum where parents and children can openly talk about money is important.

“This is the key to helping people confidently navigate their way through complicated financial issues that affect them on a day-to-day basis.”

Quaker projects aimed at tackling urban poverty also include selling affordable furniture to low-income homes, helping those struggling with funeral costs to plan an affordable and meaningful farewell and emotional and mental life coaching, as well as managing the weekly family budget.

Schools wanting to get involved with the Abacus programme are being invited to contact Becky Feetham at Tower Hamlets Education Business Trust.