Calls for children in Cumbria to learn more about money at school
Teachers say they are worried pupils leave education without the right knowledge
Last updated 19th Feb 2024
We're hearing how more needs to be done to teach children in Cumbria money skills at school.
The Money and Pension service say three quarters of teachers in the North West think most young people leave education without enough knowledge.
MaPS estimates that around 366,000 young people finish education annually, meaning hundreds of thousands each year could be leaving school financially unequipped. As a result, it’s asking everyone involved in financial education keep up their efforts to help reach the ones missing out.
Research already shows that children form money habits when they’re young and attitudes towards it start developing between the ages of three and seven, so MaPS says financial education needs to begin early in their lives.
Most of the teachers surveyed agreed, with a quarter (26%) saying it should start in nursery. Almost half (44%) said between the ages of 5-7 and 19% thought ages 8-11.
Less than one in ten (9%) believed it should only start in secondary school or later.
The poll, conducted in November, also revealed that almost all teachers (96%) think schools should offer financial education, with 76% deeming it “very important.”
Asked to list the reasons why students were leaving unprepared, 79% said other subjects took priority. Around a quarter said teaching staff didn’t have enough confidence or skills (25%) or weren’t sure where to find the right support and resources (26%).
The complexity of financial topics and products (20%), money being a sensitive topic (18%) and young people not being interested (15%) were the other main responses.
Money is on the curriculum in all four UK nations, usually as part of maths and numeracy, citizenship and personal development subjects. However, the age at which schools are required to deliver it differs and some schools, such as England's academies, don't have to follow it.
The UK’s future financial wellbeing is hanging in the balance
Lisa Davis, Senior Policy Manager for Children and Young People at the Money and Pensions Service, 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.
“The UK Strategy for Financial Wellbeing targets two million more children and young people getting a meaningful financial education by 2030. Everyone involved in their lives has a major role to play and it’s crucial that we work together to deliver for them.”
The Department for Education say financial knowledge is already a compulsory part of the national curriculum for those aged between 5 and 16- in Maths and Citizenship.