Yorkshire Building Society has told the Government’s Curriculum and Assessment Review that financial education should be mandatory in all schools.
It says research suggests money habits are formed by the age of seven, but in England, financial education is not on the national curriculum for primary schools. Financial education is currently on the curriculum for secondary schools across the UK. The Society’s investigations suggest only two-fifths of 16-27-year-olds had received financial education at secondary school despite it being on the national curriculum since 2014.
Chris Irwin, director of savings at YBS, said “Our research into the financial resilience of young people has highlighted areas, such as debt, scams and budgeting, where many people are struggling and almost two fifths report that they don’t have the confidence to make important financial decisions. Worryingly less than half recall ever receiving any formal financial education at school – this is despite it being on the national curriculum for ten years.
“We also found that most young people rely on family to learn about money, meaning those from less financially savvy families may be at a disadvantage. There is an opportunity for us to help future generations have the best start in life, by teaching them important life skills and core financial information at school.
“Delivering financial education consistently in schools, from a younger age, and in a way that helps people have the knowledge to deal with real-life challenges, will help more people have a good start in life, and face the future, and its challenges, with confidence and optimism.”
