Children’s financial education should start in primary school, teachers say

But the age at which schools deliver it to young people can differ, the MaPS has said.

The survey, carried out online in November, found that nearly all teachers (96 per cent) said it was important that schools teach pupils about money.

Asked to list the reasons why students were leaving school or college without the money skills needed, nearly four in five (79 per cent) teachers said other subjects took priority over financial education.

Around a quarter said teaching staff did not have enough confidence or skills (25 per cent), or they were not sure where to find the right support and resources (26 per cent).

The complexity of financial topics and products (20 per cent), money being a sensitive topic (18 per cent), and young people not being interested (15 per cent) were the other key reasons listed by teachers.

Lisa Davis, senior policy manager for children and young people at the MaPS, said: “Teachers have a unique insight into young people’s lives and their message is clear; too many miss out on the money skills they need.

“This could mean that every year, hundreds of thousands exit the school gates for the last time completely unprepared for managing their finances.

“It leaves them less likely to understand financial products, save or talk about money. They’re also more at risk of making poor financial decisions, leaving the UK’s future financial wellbeing hanging in the balance.”

Learning about money

Geoff Barton, general secretary of the Association of School and College Leaders (ASCL), said: “Although there are some elements of financial education on the curriculum already, there is widespread acknowledgement that this needs to go further.

“It’s vital that young people are able to navigate the world safely and securely when they leave school or college, and having the skills needed to make good financial decisions is an important part of this.”

Sarah Hannafin, head of policy at school leaders’ union NAHT, said: “Schools want to provide the children with a broad and balanced curriculum which prepares them for the opportunities and responsibilities of adulthood.

“Financial education is a vital part of that as it can help protect children from increasingly complex financial harms including gambling, scams, in-game purchases and online exploitation. Financial wellbeing is also important in supporting children and young people’s mental health.

“But it can already be challenging for schools to cover the National Curriculum and qualification specifications in the time available, and this is exacerbated by government policies and high stakes accountability measures focusing on particular subjects.”