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Family Offices Address Inadequate Financial Literacy in Schools by Partnering With Private Tutors

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OXFORD, England, Dec. 7, 2023 /PRNewswire/ — Tutors International today revealed a growing number of Family Offices are taking their clients’ financial education into their own hands, partnering with private tutoring firms to provide a more comprehensive level of financial literacy than the children in UHNW families are receiving in school.

As Family Offices are increasingly becoming more involved in advising and supporting their clients in all aspects of their lives – not just financial matters, Tutors International has been asked to support various Family Offices in their role as managers of family wealth and educators around the management of that wealth.

Adam Caller, CEO of Tutors International, comments:

“Whether it’s additional support in a particular subject, or live-in tutors that take the place of school, we’re in the unique position of already recruiting exceptional educators for wealthy families. Most of our clients have a Family Office, so it’s not surprising that as we become known to wealth managers they recognise the benefit of incorporating more in-depth financial literacy into their clients’ children’s education.”

The financial literacy problem

There is evidence of a problem around financial literacy in private school education. The standard of financial literacy taught in private schools in the UK varies from school to school. There is no national curriculum for financial literacy in the UK, so private schools are not required to teach any specific financial topics.

A 2023 survey by the Money and Pensions Service found that less than half of UK children have been taught about money at home or in school.[1] This suggests that there is a need for more financial literacy education in all schools, including private schools.

To address the problem, some private schools in the UK now offer more comprehensive financial literacy programs, for example:

  • The King’s School, Canterbury offers a comprehensive financial literacy program covers topics such as budgeting, saving, investing, and debt management.
  • Haberdashers’ Aske’s Knights’ Academy, Lewisham offers a financial literacy program that is taught by qualified financial advisors
  • St Paul’s Girls’ School, Hammersmith offers a financial literacy program that is taught by teachers who have received specialist training in financial education, covering topics such as budgeting, saving, and investing.

School financial literacy programs are not tailored to the needs of UHNW families

UHNW families often feel that the financial literacy curriculum in schools is too limited and does not cover all of the topics that their children need to know. They may want their children to learn about complex financial concepts such as estate planning, philanthropy, and managing wealth across generations.

They may need to learn about topics such as dealing with the complexities of trusts and foundations, managing wealth across generations, and navigating the unique tax implications of their wealth.

UHNW families are addressing financial literacy shortcomings

To address these perceived shortcomings, UHNW families are taking proactive measures to supplement their children’s financial education.

Hiring private tutors can provide more in-depth instruction on complex financial topics and tailor their teaching to the specific needs of the child, addressing the limitations of the standard curriculum.

Adam Caller, CEO of Tutors International, comments:

“Family Offices and their clients want to prepare the next generation for the complexities of managing their personal and family wealth. Incorporating a deeper level of financial literacy into students’ education is therefore of vital importance. Sadly, private schools are not providing the breadth or depth many of these families need for their children, so our tutors work with their Family Office to incorporate greater financial education into their curriculum.”

Private Tutors are implementing a variety of initiatives to enhance financial literacy among students:

  • Tutors are incorporating financial literacy concepts into existing subjects, such as maths, social studies, and language arts, which helps cement the relevance of financial literacy to students’ everyday lives.
  • Partnering with financial institutions and the Family Office to provide students with access to custom financial education resources, including workshops and financial simulations.
  • Private tutors are using a variety of technology tools to deliver financial education to students. This includes online courses, interactive games, and mobile apps.

Joanna Dunckley Phillips has been a private tutor with Tutors International for more than 10 years, and she explains how incorporating real-life examples of financial concepts into day-to-day teaching, and having the time and freedom to explore them further is one of the great advantages of private tutoring:

“One of the most rewarding things about our one-to-one, personally tailored educational model is that it allows us to apply the skills and theory learned in the classroom to real life examples and projects.

“When teaching compound interest, it is always fascinating to give my students an imaginary salary and budget, then have them work out how much they could reasonably save over the course of their working life. This always leads to discussions about salaries, taxes, cost of living, investment etc. Add to this a simple demonstration of how credit card APR works and they are often surprised – but hopefully wiser! Having the time and freedom to complete these projects and answer all the many questions that arise, is one of the great benefits of the tutoring model.”

Private Tutor, Mark Cleaver, agrees:

“It is a shocking anomaly that it has been so neglected in schools until now. Working as a private tutor opens up thrilling new possibilities for financial education; students can engage with creative and enriching experiences through project-based learning. By creating a business plan for an entrepreneurial idea of theirs, or by managing a budget (either real or hypothetical) for a trip they are planning, students can learn by doing and see that financial literacy is not something of which to be scared; instead, it is lively, vital and exciting.”

Sources

[1] UK Children and Young People’s Financial Wellbeing Survey: Financial Foundations, 2023, Money and Pensions Service, https://maps.org.uk/en/media-centre/press-releases/2023/less-than-half-of-uk-children-have-been-taught-about-money#

About Tutors International

Tutors International provides an unparalleled private tutoring service that matches the right private home tutor with the right child for the student to reach their personal potential and academic excellence fully. Delivering an international private tuition service for children of all ages at different points in their educational journeys, Tutors International is founded on a commitment to finding the perfect tutor to realise each student’s specific goals and aspirations. Tutors are available for full-time residential positions, after-school assistance, and home-schooling.

Founded in 1999 by Adam Caller, Tutors International is a private company based in Oxford, a city renowned for academic excellence. Our select clientele receives a personally tailored service, with discretion and confidentiality guaranteed.

Media Enquiries

Web: www.tutors-international.com
Email: [email protected]
Phone: +44 (0) 1865 435 135

Tutors International

Prama House
267 Banbury Road
Oxford OX2 7HT
England

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Sinotruk leaping forward to become world-class technology enterprise

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JINAN, China, March 2, 2024 /PRNewswire/ — On March 2, SinoTruk’s Science and Technology Innovation Award Annual Conference 2024 was grandly held, to recognize and rewarding major scientific and technological achievements and outstanding innovative talents since 2022, planning and deploying scientific and technological innovation work ahead. Tan Xuguang, Chairman and General Manager of Shandong Heavy Industry Group, Chairman of China National Heavy Duty Truck Group, attended the conference and delivered a report on scientific and technological innovative work – “Steadily stride forward, embracing change in science and technology”.

 

Over the past five years, Sinotruk has invested nearly RMB 15 billion in R&D, which is the sum of the previous 15 years. It has benchmarked against world-class standards and gradually established a full-process independent research and development system. Sinotruk technological strength has reached the forefront of the national industry. Sinotruk has reshaped the “Yellow River” heavy-duty trucks standard with technology, ranking first in China, and its high-tech indicators are leading the industry. The market share of heavy-duty trucks has increased from 16.5% in 2018 to 26% in 2023, ranking first in China for two consecutive years. In 2023, the export volume exceeded 130,000 vehicles for the very first time, a 2.6-fold increase compared to 5 years ago, making it the largest single-brand global export volume in the world.

Tan Xuguang called on all engineers to keep in mind their mission, be down-to-earth, persistent in innovation, and make long-term achievements through dedicated ten years of hard work. Learn from the global cooperation, grow and become talents through project training, and achieve through continuous value creation. Achieve your meaning in life, strive with vitality and passion while you are young. Let’s set off again for a better future for the century heavy truck industry and the world’s best heavy truck industry!

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Flash News: OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

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SINGAPORE, March 2, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for March 2, 2024.

OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

OKX today announced the launch of its ‘Babylon Pioneer Pass Event,’ giving users who access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC) the opportunity to claim Babylon’s Bitcoin Pioneer Pass NFT. To qualify for a spot, users must access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC).

The event kicks off on February 28 and continues until March 6. Following the event, starting from March 7, participants who have been whitelisted will have the ability to mint their Bitcoin Pioneer Pass NFT using the OKX Wallet and their whitelisted address.

The process of participating in this event is straightforward and involves the following steps:

  1. Firstly, users will need to prepare by setting up their OKX and Keplr Wallets. These wallets will be crucial for interacting with the Babylon Testnet and the subsequent claiming of sBTC and BBN.
  2. Following the wallet setup, users can then claim the sBTC and BBN on Babylon’s Official Discord. These tokens will be needed for staking in the Babylon Testnet.
  3. Finally, users will need to access Babylon’s official website, where users can actively engage, stake their tokens and claim their whitelist spots.

Participation in the event offers a multitude of benefits. Users can engage actively with the Babylon Testnet, which in turn enhances their understanding of the Babylon protocol and its functionalities. Furthermore, participants contribute to the development and evolution of the Babylon protocol by being active users.

The ‘Babylon Pioneer Pass Event‘ is a result of OKX’s partnership with Babylon, a trustless Bitcoin staking protocol. The Bitcoin Pioneer Pass, Babylon’s first commemorative Non-Fungible Token (NFT), is a highlight of this event, representing a significant milestone for both OKX and Babylon.

For more information, please visit the OKX Support Center.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

  • OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
  • DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
  • NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
  • Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

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UnionPay International and The Tourism Organisation of Serbia Sign MOU to Enhance Tourist Payments and Promote Serbia as a Premier Destination

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BELGRADE, Serbia, March 1, 2024 /PRNewswire/ — UnionPay International, the leading global card scheme, has entering into a Memorandum of Understanding (MOU) with The Tourism Organisation of Serbia (TOS). This strategic partnership aims to enhancing the payment experience for tourists and to further facilitate tourism growth in Serbia.

The MOU signing ceremony took place at Belgrade on 27th February 2024, marking the beginning of a collaborative effort between UnionPay International and TOS. The agreement outlines various areas of cooperation:

Jointly promoting Serbia as Travel Destination: Through optimised marketing resources, both parties aim to promote Serbia as tourist destination among UnionPay cardholders, with its rich cultural heritage and unique experiences, provide comprehensive tourism information and payment guides for the tourists visiting Serbia. UnionPay International aims to provide more diversified and convenient payment choices, and ensuring seamless payment experiences for travellers visiting the country.

Privileges and Benefits: The partnership will explore opportunities for preferential activities that bring additional benefits to UnionPay cardholders visiting Serbia. This approach aims to boost the attractiveness of the local tourism market and create a win-win situation for both parties.

Ms Bomee Sheng, Product Director of UnionPay International, expressed her enthusiasm about the collaboration, stating, “We are delighted to partner with The Tourism Organisation of Serbia to promote tourism and facilitate payment experiences in Serbia. Through this partnership, we aim to provide UnionPay cardholders with enhanced convenience and benefits, ultimately contributing to the growth of Serbia’s tourism industry.”

Ms Marija Labović, CEO of National Tourism Organisation of Serbia, commented, “This partnership with UnionPay International comes at an important time as we strive to become the most popular all year destination in the region.” She outlines Belgrade’s popularity and the diversity of attractions from city breaks to natural retreats and she is looking forward to the Expo 2027 in the capital, “By leveraging UnionPay’s global network and advanced payment solutions, we are confident that we can attract more visitors to Serbia and provide them with memorable experiences.”

In recent years, Serbia has emerged as one of the most attractive destinations for Chinese visitors. It is hailed as the “heart of the Balkans” and offers a unique blend of captivating landscapes and rich cultural heritage. Its visa-free entry policy, coupled with the exceptional acceptance coverage of UnionPay cards, has played a significant role in attracting Chinese tourists. With over 90% of local merchants and ATMs supporting UnionPay payments and withdrawals, travellers can enjoy seamless payment experiences across various sectors, including retail, dining, hotels, gas stations, toll stations, and tourist attractions.

About The Tourism Organisation of Serbia (TOS)

The Tourism Organisation of Serbia (TOS) was formed under the Law on Tourism of 1994 as the institution in charge of promoting Serbian tourism in domestic and foreign markets, as well as performing other duties relevant for the development of communication and advertising activities in Serbian tourism. The activities of TOS are focused on positioning Serbia’s tourism products in domestic and foreign markets and exploring Serbia’s comparative advantages in terms of tourism, including its geostrategic position and its historical, cultural and natural identity.

About UnionPay International

UnionPay International focuses on the international business of UnionPay, a global payment network that serves the world’s largest cardholder base. Collaborating with over 2,600 partners globally, UnionPay acceptance now reached to 183 countries and regions. Outside the Chinese Mainland, UnionPay is accepted at nearly 67 million merchants and 1.7 million ATMs.

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