New call for money lessons in school as 4 in 5 kids feel short-changed
With an election looming, pressure is mounting on parties to show how they’d tackle the UK’s financial education gap.
All kids should get financial education throughout primary and secondary school, with better training for teachers, says kids’ debit card firm GoHenry in a “manifesto” launched today.
The call follows a report from MPs in the Education Committee, released on 22 May, which called financial education in England’s primary schools “insufficient” and said it should be expanded.
Among other recommendations, the report suggested the Department for Education consider creating a specific qualification for financial literacy.
Financial education gaps
Financial education was added to the curriculum a decade ago, but there’s evidence of major gaps. Resources are lacking, and it’s largely confined to secondary schools and citizenship studies for ages 11-16. The topic can also be covered in personal, social, health and economic (PSHE) studies, but this is only optional.
In July 2023, a Finder survey of 1,007 parents showed 37% felt their school didn’t teach their kids enough about money management. GoHenry has also reported that 84% of kids aged 6 to 18 want more financial education at school. And 68% of 18-year-olds are concerned they’ll leave school with no money skills.
What needs to change?
GoHenry has launched a “Financial Education Manifesto” which calls for compulsory financial education in both primary and secondary school, practical lessons, better training for teachers, and less reliance on the existing maths curriculum.
The document echoes some of the Education Committee conclusions – this report recommended:
- Expanding financial education at primary school level
- Encouraging schools to appoint financial education coordinators
- Improving access to quality learning materials
Current gaps
The current government launched a “Maths to 18” initiative but studies have indicated that pupils’ performance in maths and financial literacy aren’t always correlated.
Money habits are formed as young as the age of 7, and 40% of adults who had no kind of financial education ended up with no savings at all, according to research cited by GoHenry.
How can parents help their children?
Finder’s kids’ money hub features free resources for parents, including a downloadable PDF with a fun “Kids control the budget” holiday activity.
And videos on our Finder UK YouTube channel include challenges and games to help kids learn about money, and support parents in teaching them.
Sources
About the author
Ricky Davies is a senior writer at Finder, covering banking and fintech. He’s previously written for Lloyds Banking Group, Halifax, and Royal Bank of Scotland. He’s also worked at LSEG, which is one of the world’s largest providers of financial markets data and infrastructure, and has created guides for several crypto sites.
