Case Study

Standard Life takes its Corporate Responsibility very seriously and has an on-going, active and committed approach to it. CR is one of their key corporate objectives and progress is regularly discussed and reviewed at Board meetings.

A key element of Standard Life’s CR strategy is Financial Education (FE), an area they have been actively engaged in for over 15 years. Their FE has the aim of taking a proactive approach to developing financial capability, supporting the development of positive attitudes and behaviours in young people dealing with money matters. Through engagement with key stakeholders, Standard Life’s research showed there was a gap in the provision of financial education for primary schoolchildren. Working in this area offered potential to make a real difference, bringing benefits for both the company and the communities in which they operate.

With a focus of introducing financial education to schoolchildren to help them become more financially informed and aware and to aid their development into financially capable adults, the challenge was to introduce something exciting which would attract the attention of young people. ‘On The Money’ (OTM) began in 2005 and is a book of four new short stories by well known children’s authors, developed in partnership with the Scottish Book Trust (SBT) and Learning and Teaching Scotland (LTS). It introduces financial topics to children through storytelling.

The impact and results have far exceeded initial expectations. Not only has it been well received in schools throughout Scotland, its reach has now extended to England and Northern Ireland. As a global company, Standard Life’s overseas links have allowed preliminary discussions to begin about its potential distribution abroad. Examples of the impact and results include:

Impact on Standard Life:

• Enhanced FE strategy of changing financial attitudes and behaviours to develop financially capable people
• Engaged Standard Life staff at all levels to further support CR programmes and activities
• Developed brand awareness in a relevant and appropriate way to support Standard Life business strategy

Results from independent evaluation show:

• The majority of participating pupils increased their financial capability including their attitude towards finance and money
• 93% of pupils claimed that they knew more about money since starting the programme
• Pupil responses suggested that learning about money when it is based on literature or a practical exercise is more memorable and enjoyable