Might we finally get decent money skills education in schools? Jennifer Piper, head of the Quilter Foundation, at Quilter takes heart from the recent curriculum review.
The final curriculum review is a landmark moment for financial education in the UK. For years, we’ve known that money skills are as fundamental as reading and writing, yet the system has struggled to reflect that reality. This review finally recognises that financial education is not a luxury but a necessity.
The findings from the Money & Pensions Service highlighted in the report are sobering. Despite financial education being compulsory in Citizenship since 2014, only a third of children recall learning about money at school. At the same time, 71% of 7–17-year-olds are already making online purchases, and two-thirds do so without adult supervision. These statistics underline the urgency of change, young people are making financial decisions earlier than ever, often without the knowledge to do so confidently. Improving financial education could help with the productivity issue plaguing the country too. The CBI estimates that greater financial literacy could add £7 billion to the UK economy and create more than 120,000 jobs every year.
The review’s ambition is encouraging. It calls for financial education to start in primary school, making Citizenship including money skills, a core part of the national curriculum from Key Stage 1 onwards. It proposes a smarter, more integrated approach, where Maths provides the foundations and Citizenship brings those concepts to life in real-world scenarios. It also recognises the need for better resources and sequencing, and for collaboration with employers to embed financial literacy into post-16 education. However, whether it is adopted only time will tell.
Through the Quilter Foundation* and partnerships with organisations such as Money Ready, formerly MyBnk, we’ve long championed the importance of financial education, at Quilter. We know that when young people understand money, they make better choices, feel more confident, and build stronger futures. But policy is only the beginning.
This review is the clearest signal yet that the UK is ready to treat financial education as a core part of children’s education but proof will be in the pudding. If these recommendations are implemented, we can look forward to a generation leaving school with essential financial skills that can make them manage their finances more confidently.
Main image: N_aihp118p8-unsplash
