Leading businesses urge Keir Starmer to make financial education compulsory in all schools as part of Curriculum Review
● TISA’s Financial Education Council urges the PM to empower children to understand money from an early age
● Becky Francis’ Curriculum and Assessment Review an opportunity to raise financial literacy
● Instilling money sense among the youngest pupils vital for long-term growth and productivity
London, UK [7th October 2024] – A group of cross-industry businesses is calling on Sir Keir Starmer to make financial education compulsory in all schools in England. This urgent appeal comes at the beginning of the much-welcomed Curriculum & Assessment Review, to be led by Becky Francis.
The Financial Education Council (FEC), a sub-committee of The Investing and Saving Alliance (TISA), argues in an open letter to the Prime Minister that, despite financial education being incorporated into the National Curriculum for Secondary Schools in England ten years ago, its implementation remains inconsistent and its impact limited.
So far businesses including L&G, Schroders, GoHenry, NatWest Cushon, Rathbones, Foresters and Bank of Ireland have signed the letter with the FEC, calling on more companies to show their support.
Carol Knight, TISA CEO said: “TISA believes improving financial knowledge and understanding at every stage of life is vital and consequently, financial education must begin at a young age. There is clear evidence that the delivery of effective financial education during childhood is of great benefit both from an individual and a societal perspective: helping to increase financial inclusion, financial confidence and ultimately, increase economic growth. For these reasons, TISA is calling on the Prime Minister to add financial education to the curriculum so that all children can benefit from a high quality and effective financial education.”
Research consistently demonstrates the profound impact of financial education on individuals’ lives. Adults who did not receive financial education as children are more likely to be unemployed and earn less, while 40% have no savings at all. Conversely, children who do receive financial education are more likely to start businesses and have significantly higher retirement savings.
Beyond personal finance, the FEC highlights the connection between financial education and mental health. Studies show that financial worries can have a severe impact on individuals’ well-being. By prioritising financial education, the Government can not only improve economic outcomes but also contribute to better mental health.
The FEC echoes the recommendations of the Education Select Committee, which pre-selection found the current financial education provisions in schools to be inadequate. Key recommendations from that report include:
● Starting financial education in primary school to prepare children for the financial
world.
● Increasing the time dedicated to financial education in mathematics curricula.
● Making economic and financial elements of PSHE education statutory.
● Participating in the next PISA financial literacy assessment.
The FEC also points to the GoHenry Financial Education Manifesto, which outlines how financial education can be implemented efficiently and cost-effectively using existing
funds from the Dormant Assets scheme.
Louise Hill, co-founder and CEO, of TISA Financial Education Council (FEC) member firm GoHenry said: “I fully support TISA FEC’s call for the Government to make financial education a compulsory part of its upcoming Curriculum Review. We have long campaigned for financial education to be given the same priority in schools from primary age that other life skills like swimming have. 84% of 6-18-year-olds want more financial education in school. Now is the time to ensure their voices are heard by creating a curriculum that sets kids and teens up for financial success – no matter their background or where they live.”
The FEC is calling on the Government to take immediate action by prioritising the findings of the Education Select Committee and including financial education in the proposed Curriculum Review. By working together with the private sector, the Government can create a solid foundation in financial education for all young people, leading to increased economic prosperity, individual success, and improved mental health.
Nici Audhlam-Gardiner, Chair of TISA Financial Education Council said: ‘It is well established that a good financial education is a foundation for financial resilience and broader wellbeing later in life, with resulting benefits to the broader economy. As financial services providers, we must do our part to educate young people through our products and services. But our efforts, and those of amazing charities and organisations that work to deliver financial education to young people, risk being fragmented and subscale without a strong direction from the Government – starting with making financial education compulsory through the curriculum in all schools’.
Notes to Editors
View the Open Letter here: https://www.tisa.uk.com/tisa-fec-letter-to-pm-on-financial-education/