Only 1% of primary teachers think kids get enough financial education
Primary school teachers think kids don’t have “adequate” financial literacy and children are worried about leaving school without any money skills.
Data from Social Market Foundation (SMF) says that just 1% of primary school teachers think that pupils have “adequate” financial literacy. Meanwhile, nearly half of primary school children are worried about leaving school without the money skills they need, according to GoHenry’s latest research.
And it’s not just recognising coins or basic budgeting that children want to learn. When asked, children said the money topics they would most like to learn about in school are how to save money, mortgages, earning money and how to use a bank account.
However, a Finder survey of 1,007 parents showed that less than half are confident they can teach their children about key money topics. So where does that leave us?
How much financial education do primary school pupils get?
Financial education is only part of the National Curriculum for secondary schools in England. This is despite research from Cambridge University stating that children form their attitudes to money by the age of 7.
Scotland, Wales and Northern Ireland do go further, having it as part of primary school learning as well.
The government’s response to GoHenry’s “Make Money Count” petition – asking to make financial education compulsory from primary age – was that it’s included within mathematics for key stages 1 and 2. But the reality is that this the focus is on numeracy, rather than the practical ins and outs of money.
What do children want to learn?
It’s clear that savvy younger generations have already clued into the fact they need to know more than just 1 plus 1 equals 2 when it comes to money.
When asked what money topics they would most like to learn about in school, the most popular among 6-18 years olds were:
- How to save money (46%)
- How to buy a house (34%)
- How to earn money/build a career (34%)
- How to create a budget (31%)
- How to use a bank account (31%)
What can parents and children do?
If your child wants to learn more about money and you don’t know where to start, take a look at Finder’s kids’ money hub. You’ll find a free downloadable PDF with a fun “Kids control the budget”. There’s also a kids’ savings calculator to help your child save towards a goal. Plus guides on all the different financial products available to children.
You can also keep your eyes on the Finder UK YouTube channel. Here you’ll find more money challenges and games to play with your kids to help them understand money that bit better.
About the author
Kate Steere is an editor at Finder.com, specialising in banking and fintech. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate is regularly quoted in the national media about banking, fintech and mortgages.
This article originally appeared on finder.com/uk and was syndicated by MediaFeed.org.