A local housing association in East London, has teamed up with the Institute of Chartered Accountants to introduce vital lessons in money management to a group of 100 8-12 year olds from estates managed by Poplar HARCA (Housing and Regeneration Community Association) in Tower Hamlets.

The children spent a day at the Chartered Accountants Hall in Moorgate taking part in a variety of activities and exercises designed to promote awareness of money issues and instruction on how to manage money effectively in the future.

It is hoped that the lessons learnt on this day will help these hildren to become more responsible with money than their parents before them and avoid debt. Asim Iftikhar, community regeneration manager at HARCA, believes that the workshop could provide a model for lessons to be introduced into schools on a regular basis.

“We devised this day to help children gain an understanding of financial planning as early as possible.  It’s also much more than knowing how money works,” he said.

"It's about helping to inspire our young people to believe in a positive future for themselves and their families. Children learn more when they are enjoying themselves and the rap music they performed showed how they can relate the lessons to their home lives. The day has been a lot of fun for everyone.”

Comments from the children involved demonstrated that the day had been a success and that positive messages about money had got across to the children.

Tayla Hudson, age 11, from Bow said: “The day was fun. I’ve learnt to think about money: how you earn and give it away. In future, I’ll know not to waste money on things I don’t really need, like sweets, or on things that aren’t worth it.”

James Marling, age 11, from the Burdett estate, added: ldquo;Guessing how much stuff costs, like food and drinks, was good. We learnt how to use and spend money wisely but also to work together as a team.”