Thousands of children leave school every year without money skills
A new survey's found three in four teachers think students leave education without the financial skills needed for adulthood
Three in four UK teachers say most students leave school or college without key financial skills.
According to a survey carried out by YouGov on behalf of the Money and Pensions Service (MAPS), 76% said the majority of pupils finish their education without the financial knowledge they need for adulthood.
MaPS estimates that around 366,000 young people finish education annually, meaning hundreds of thousands each year could be leaving school financially unequipped.
It's calling on those involved in financial education to 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.
"Going to be very difficult to cram something else in"
One teacher in Norfolk has been telling us he'd like to teach pupils about money skills - but says they need time and training to fit it in an already "packed curriculum".
Scott Lyons works at a primary school in the county: "Considering we are doing emotional and mental health stuff, alongside two hours of sport, music and key subjects, it's going to be very difficult to cram something else into a already very loaded curriculum.
"What we do in primary school really well is building up relationships and trust. We focus on those development skills, rather than bombarding them with details of how interest rates or loans work.
"With my own experience of having two teenagers, my idea of financial planning of mortgages and pensions is perhaps far different to their generation who may not be considering that, given they'll probably be working until they're 71.
"Part of me thinks this is down to parents to sort, but then again some don't have the understanding or the insight, so in that regard anything we in the education sector can do is really important."
"Too many miss out on the money skills they need"
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.”
What's the Government said on this?
The Department for Education says financial knowledge is already a compulsory part of the national curriculum for those aged between 5 and 16 - in Maths and Citizenship.