Dear Prime Minister, 

We are writing to you directly as a group of cross-industry businesses who have recently formed the Financial Education Council (FEC), a sub-committee of The Investing and Saving Alliance (TISA) to call on Government to make financial education compulsory in ALL schools as part of your much-welcomed Curriculum & Assessment Review.   

It has been ten years since financial education was incorporated into the National Curriculum for Secondary Schools in England but its implementation remains inconsistent and its impact has been limited. It’s well documented that money habits start to form between the ages of 3 and 7. Research also shows that adults who did not receive financial education as children are more likely to be unemployed or earning less today than those who did, while 40% of these adults have no savings at all. Currently, 1 in 7 16-24 year olds are not in education or employment – the highest level of inactivity for a decade. Conversely, children who do receive financial education are 46% more likely to start a business than those who do not and could be £70,000 richer in retirement. If the Government were to prioritise financial education, it could inject an extra £7 billion into the UK economy each year.   

Furthermore, the link between financial education and wellbeing cannot be overlooked. The Mental Health Foundation found that over 40% of UK adults have experienced financial worries and nearly a quarter of them said that these worries had a significant impact on their mental health.   

To avoid a lost generation, increase productivity and kick-start inclusive economic growth, we urge the Government to act now.   

Prior to the election, the Education Select Committee published its findings into the current financial education provisions in schools and found them to be inadequate. Key recommendations from the Committee’s findings include:   

• Effective financial education needs to commence during primary school years to prepare children for the financial world in which they increasingly participate.  

• The amount of delivery time dedicated to financial education in primary and secondary school mathematics is insufficient and does not reflect the importance of personal financial literacy. 

• Making the economic and financial elements of PSHE education statutory at both primary and secondary school level is a simple and effective way of expanding financial education.  

• The Government should participate in the next PISA financial literacy assessment scheduled for 2025.    

As an example of how these recommendations can be achieved, FEC member, GoHenry, has published a comprehensive Financial Education Manifesto demonstrating how financial education in schools can be implemented efficiently and cost-effectively. This can be achieved using funds already set aside from the Dormant Assets scheme, presenting a quick and effective policy win.   

We are therefore calling on the government to make immediate progress on its Financial Services Review pledges by prioritising the findings of the Education Select Committee and including financial education in the proposed Curriculum Review.  

We have copied this letter to the new Secretary of State for Education, Bridget Phillipson MP, and Minister of State for Education, Catherine McKinnell MP. We are also sharing it with the Curriculum Review Chair, Professor Becky Francis CBE.  

We would welcome the opportunity to meet with you and your team to discuss meaningful ways the Government could work with the private sector, drawing on our collective cross-industry expertise, to improve financial education for all young people across the UK.   

We have a real opportunity to make a difference – let’s work together to provide younger generations with a solid foundation in financial education and seize momentum on a policy that has the potential to aid levelling up, increase individual success in adulthood, encourage business formation and boost economic growth. 

Yours sincerely,  

The TISA Financial Education Council