Squirrel Education: Transforming Financial Literacy for School-Age Children
Squirrel Education has been recognized with the Best For-Profit School Age Education award at the highly competitive Money Awareness and Inclusion Awards (MAIA) 2024. This groundbreaking initiative is revolutionising financial literacy education for young students, equipping them with essential money management skills from an early age.
“Squirrel Education’s approach to financial literacy stood out among numerous strong entries,” said Trudi Harris, co-founder of the MAIAs. “Their innovative methods and dedication to fostering positive financial behaviours in young children are truly commendable.”
Target Community: Focusing on Young Learners
Squirrel Education targets school students aged 5-18, with a core focus on the 7-11 age group. This demographic is often underserved in financial literacy programs, which typically cater to older students. Operating primarily in the culturally diverse United Arab Emirates, Squirrel Education addresses the varied financial backgrounds of students, from extreme wealth to more challenging circumstances, ensuring early and equitable financial education.
“We believe that financial habits and attitudes towards money begin forming as early as seven years old,” explains Ben Bolger, co-founder of Squirrel Education.
“Our mission is to cultivate positive financial behaviours through engaging simulations that mirror real-life financial situations.”
Making Financial Education Accessible
Squirrel Education integrates seamlessly into the school ecosystem through a rewards program that encourages regular engagement and habit reinforcement. The platform bridges the gap between school and home, fostering communication within families and facilitating discussions about money that might not have occurred otherwise.
“Squirrel Education provides a safe space for students to make and learn from mistakes, unlike the real world where such errors can have lasting consequences,” says Matt O’Bryan, co-founder of Squirrel Education. “Our goal is to shape a generation’s relationship with money, ensuring a future of financially independent individuals.”
To further support accessibility, co-founder Ben Bolger conducts workshops for staff and parents, which attract significant participation, particularly from female attendees. These workshops complement the student platform, involving the wider community and fostering a more inclusive and financially literate environment.
Innovation and Impact
Squirrel Education’s platform is built on the foundation of a real classroom economy managed by Matt, combined with Ben’s vision for a digital platform that prioritises positive financial habits over mere knowledge. The platform engages children in activities such as earning income, managing expenses, and saving within a fun and interactive environment. This digital transformation enables asynchronous learning, accessible 24/7, providing practical financial experience in a controlled educational setting.
The program’s impact is evident in its effectiveness. During the initial pilot phase, 80% of students consistently paid their bills on time, while 72% effectively managed their finances by paying bills from the appropriate accounts. Additionally, 64% of students advanced to Gold Level 1 in their savings efforts, demonstrating a strong foundation in financial management and literacy.
“Squirrel Education’s innovative approach to financial education is transformative,” notes Michael Gilmore. “Their ability to make financial concepts relatable and practical has had a lasting impact on the participants.”
Testimonials: Real Stories of Change
The success of Squirrel Education is best illustrated by testimonials from educators and students. Clare Connor from The British International School Abu Dhabi shared, “What they know now compared to what they knew four weeks ago is amazing, and it’s all thanks to you. It opens up conversations about money that the children just didn’t know about. Every school should have this.”
These testimonials underscore the program’s effectiveness in making financial education accessible, engaging, and impactful.
Expanding the Reach of Financial Literacy
Looking ahead, Squirrel Education aims to develop a more engaging city/metaverse-style environment to enhance the learning experience. Guided by the OECD financial literacy framework, the goal is to simulate real-world financial activities such as investing, property acquisition, entrepreneurship, banking, currency exchange, and taxation. By the end of the year, Squirrel Education aims to have 50,000 users worldwide.