Financial education charity Centre for Financial Capability is inviting applications from charities for grants through its children and young people’s financial literacy fund.

Its Innovation Fund is open to charities and other organisations that are committed to support children’s development and understanding of finances.

In launching the Fund, the Centre cites evidence that suggests money saving habits are formed at the age of seven.

But it warns "financial education is not included on the primary school curriculum”.

Just one in three primary aged children receives financial education at school, the charity has found.

Charities have until 8 March to apply. Funding being made available is for between £20,00 and £80,000.

The Centre said: “We are not seeking to fund business as usual” and lists areas it is looking to back:

• Create entirely new solutions
• Enhance your existing programme(s)
• Address clearly identified gaps in provision for vulnerable children
• Expand existing programme to different geographical location or group
• Harness technology to engage more children

“There is a serious crisis in financial literacy in this country, starting from a young age,” said the Centre’s director Stewart Perry.

"Despite overwhelming evidence proving the importance of providing young people with financial education, it is not compulsory on the primary school curriculum and our research shows that only one in three primary aged children receive it.

"Financial literacy should not be a postcode lottery.

“The Centre was founded to ensure that all children, no matter their background, receive some form of financial education from a young age, and that is why we are so excited to launch our Innovation Fund, which will help to identify and support innovative financial education solutions to ensure more children can receive this valuable life skill.”

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