TISA welcomes landmark move to introduce compulsory financial education in primary schools
The Investing and Saving Alliance (TISA) strongly welcomes the Government’s commitment today to make financial education a compulsory part of the primary curriculum in England – a major step in ensuring children can grow up with the clarity, confidence and understanding they need to navigate the financial world around them.
The additional commitment of £15 million in dormant assets funding for financial education and capability initiatives is a hugely positive development and the result of longstanding and united campaigning from the sector for this outcome. This funding has the potential to scale high-quality programmes and reach adults and children who are otherwise least likely to receive financial guidance.
Today’s announcements are a very welcome answer to the long-standing call from TISA and the Financial Education Council it convenes to push collectively for meaningful change.
The Council has consistently highlighted that children are encountering money earlier than ever, often without the support to understand value, choice or consequences. TISA works with the Council to provide resources which help ensure children build confidence, language and foundational financial understanding.
Carol Knight, Chief Executive of TISA, said:
“Teaching children about money is like explaining the rules of a game they’re already playing; with greater understanding, they can take part with confidence rather than uncertainty. This change means children will have the understanding and language they need from the moment they begin encountering financial decisions in their daily lives.”
Sophie Legrand-Green, Head of Policy at TISA, said:
“The Financial Education Council, which TISA is proud to convene, has worked collaboratively and consistently to make the case for early and sustained financial learning. Today’s announcement is a testament to that shared effort. We look forward to continuing to support the Council, and to working closely with schools, educators and delivery partners to bring this into classrooms in a meaningful and empowering way.”
Nici Audhlam-Gardiner, CEO of Foresters Financial; Chair of the TISA Financial Education Council, said:
“We welcome the significant strides that have been made, through the National Curriculum review, in improving the financial resilience of the next generation. Research suggests that relevant and engaging financial education at multiple points of a young person’s life, leads to good savings habits and a better understanding of future financial decisions. Starting this education at primary school is key. We look forward to the details behind the review, and in identifying how financial providers can best support and partner with schools in delivering this critical life skill.”
Louise Hill, Founder of GoHenry, said:
“After five years of campaigning, two Governments, four Prime Ministers, and a lot of positive noise but no action, today’s news that financial education will finally be added to primary school curriculums in England is music to our ears. It’s what kids, teens and their families have repeatedly told us that they want and it’s crucial to ensuring the next generation receives a meaningful financial education that will help set them up for future success.
“What we need to do now is ensure that it’s not seen as ‘job done’. We need to learn from the fact that just adding financial education to the secondary school curriculum over the last 10 years hasn’t worked well enough. We must ensure that money lessons form a compulsory part of the timetable, teacher training is delivered, expert resources provided, funding made available and that it’s assessed. We’ll one hundred percent take today’s news as a very welcome win, but the hard work starts now.”
ENDS.
Notes to Editors
- TISA is a not-for-profit membership organisation committed to improving the financial wellbeing of all UK consumers by working collectively with the financial services industry to deliver solutions and champion innovation, for the benefit of people, our industry, and the nation.
- TISA has approximately 270 member firms involved in the supply and distribution of savings and investment products and associated services. Members include the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, FinTechs, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.