Financial Education Policy Committee

Our vision is to ensure that everyone receives a high-quality and effective financial education

Background and Purpose

Our vision is to ensure that everyone receives a high-quality and effective financial education in order to promote good financial habits early on in life. The purpose of this group is to consider, advise and lead industry initiatives that improve the provision of financial education from primary school age to young adulthood and beyond. 

Previous evidence has shown that younger children aged 10–11 changed their financial habits following successful intervention in primary school. We understand that it shouldn’t stop here, as more recent studies have highlighted that many young people are still entering the world of work not being prepared for the money-related realities that lie ahead. This can lead to debt problems, affect their mental health and also find them suffering in the workplace.

Areas of focus

  • Financial Education: meeting discussion focussed on identifying and agreeing priorities including inclusion in Ofsted framework, use of volunteering structures to expand delivery, channels of access other than schools. Future work will finalise actions and timelines. Appointment of a part-time Head of Business Development and Strategy (Financial Education) to take forward promotion and success of Essentials of Money Management programme.
  • The Centre for Financial Education (TCFC): Briefing note submitted to DCMS and HMT proposing structure for effectively using dormant assets to enhance financial literacy among children and young people. Launched a new Financial Literacy Innovation Fund to help more children and young people in the UK learn about money with the objective to support organisations with innovation in the sector, with available funding between £20,000 and £80,000. Appointment of a new Trustee: Marcel Lukas, Senior Lecturer in Banking and Finance at the University of St Andrews Business School
  • Ensuring everyone receives access to high quality and effective financial education early on in life. 
  • Supporting the Centre for Financial Capability and its mission to ensure every child in the UK develops the skills and behaviours necessary to navigate critical financial decisions in their life – starting from primary school.
  • Supporting staff in the workplace with personal financial education, through training provision. 

The Centre for Financial Capability
TISA supports new charity founded to target primary school financial education as new research shows almost a quarter worry about money.

TISA is delighted to support the Centre for Financial Capability and its mission to ensure every child in the UK develops the skills and behaviours necessary to navigate critical financial decisions in their life – starting from primary school.

This charity was formed by the backers of KickStart Money, an award-winning coalition of financial services firms founded in response to ground-breaking research by the Money and Pensions Service that showed money habits are formed by age 7. Now, having proven the impact of early intervention financial education, the members of KickStart Money put their commitment on a longer-term more sustainable footing to combat the key challenges preventing effective financial education for all.

Structure of Meetings

The Financial Education Committee meets quarterly, the TISA lead in this area is Carol Knight, CEO at TISA. 

Achievements of the Group 

Participating member firms

Aviva Investors
Bank of Ireland (UK) PLC
Baringa Partners LLP
CMC Markets Investments Limited
CMS Cameron McKenna Nabarro Olswang LLP
Columbia Threadneedle Fund Management Limited
Columbia Threadneedle Investments EMEA
Cushon Money Limited
Dentons
Enterprise Investment Scheme Association
Equiniti
Forester Life
Franklin Templeton
GoHenry Family Finance Limited
Invesco
Investec Wealth & Investment Limited
JPMorgan Asset Management

L & G plc
Link Group
Lloyds Banking Group
LVFS
Money & Pensions Service (MAPS)
OneFamily
Pershing
Personal Finance Society
Phoenix Group
Rebalance Earth
Schroders PLC
Scottish Friendly
Scottish Widows Plc
St James Place Wealth Management
Tesco Bank
The Centre for Financial Capability
Unbiased Limited

Carol Knight, Chief Executive Officer leads on this work at TISA

Chair: Nici Audhlam-Gardiner, Foresters UK

If you are a TISA member who would like to get involved with Financial Education, please get in touch

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