Today, the House of Commons Education Committee has published a report titled ‘Delivering effective financial education,’ following an inquiry the Committee held between November 2023 – March 2024. The report also reflects some of MyBnk and Compare the Market’s core recommendations made in our collaborate research report on its one year anniversary, referencing this in its main body.
Having contributed oral and written evidence to the inquiry, with MyBnk CEO Leon Ward appearing before the Committee in January, MyBnk and Compare the Market are delighted with the strong case the report makes for improving financial education provision in England.
The report aligns perfectly with MyBnk’s mission of empowering everyone with financial knowledge and Compare the Market’s purpose of making financial decision-making a breeze for everyone.
Background
The Education Committee established the inquiry to examine the current state of financial education in England and consider what steps are needed to ensure its delivery is improved, that schools and colleges are more confident in its application, and that pupils and students are better equipped for a fast-changing financial and economic world.
The Committee explored what we should be teaching young people about money, where financial education should sit within the curriculum, and whether the provision of financial education should be extended to primary schools and post-16 education.
The Report
Overall, ten years after financial education was added to the national curriculum, the report makes a powerful case for how the Government can embed the lifelong skillset within the curriculum, beginning with a child’s first steps in primary school and continuing until their last days of further education at eighteen years of age.
Summarising the evidence received, the Committee notes that two central points emerged from this:
- Providing children and young people with a financial education that is comprehensive and age appropriate is essential.
- The provision of financial education in schools in England is currently inadequate and must be improved urgently.
These points echo the key findings made in MyBnk and Compare the Market’s collaboration project. This found that under three and a half hours per month of financial education for 11-18-year-olds could help make many more young adults financially literate, yet also that almost two-thirds of young people do not recall receiving any financial education at school at all.
In addition, MyBnk and Compare the Market are delighted to see the Committee’s recommendations reflect our own report’s recommendations in other ways:
- The report argues that the amount of time dedicated to financial education in secondary schools is insufficient and that the Government should prioritise financial education as part of its plans for compulsory maths lessons up to 18 – a step towards our report calling for a government guarantee of 30 hours a year of financial education for every 11–18-year-old.
- The report recognises the benefits of a cross-curricular approach to financial education, whereby aspects of it are taught in various subjects across the curriculum to help pupils understand its relevance in different contexts – our report’s call for 30 hours a year of teaching would only be possible with this cross-curricular approach.
- The report argues that the Government should consider offering a specific qualification in financial literacy as a minor subject in the Advanced British Standard – MyBnk called for dedicated financial literacy modules as part of our written evidence.
- The report recommends the mechanism through which the Education Secretary can make regulations to expand the provision of financial education in schools – our report called for financial education to be included in regulatory frameworks to ensure high teaching standards.
- The report recommends that financial education training be provided to teachers, while also calling on the Government to work with stakeholders to make available a selection of high-quality teaching materials – as highlighted in our evidence, MyBnk stands ready to support teachers and schools in effectively delivering financial education.
Of course, as a lifelong skill requiring lifelong learning, an individual’s financial education journey does not end at the school gates. MyBnk’s dedicated programmes ensure that young adults have access to financial education as they go through some of the most challenging financial transitions – when leaving home, going to university and entering the workplace.
Next Steps
The Department for Education will publish a response to the Committee’s report in due course. MyBnk and Compare the Market look forward to reviewing this response, and we are committed to working with policymakers to boost access to financial education and financial literacy to ensure that every young person can make informed decisions with their money.
Leon Ward, CEO, MyBnk says:
“From a very young age, we engage with money almost daily. Despite this, financial education in the UK remains significantly lacking. It is common to hear people say, ‘I wish I’d learned that in school’ when we discuss MyBnk’s work. Without understanding financial concepts, products, or the economic environment they are entering, how can young people today thrive as adults tomorrow?
MyBnk welcomes the latest Education Committee financial education report and is committed to enhancing the financial capability of the next generation. By collaborating with corporate partners, like-minded charities, and local governments, we aim to transform the financial futures of young people, equipping them with the skills, confidence, and knowledge needed to succeed.”
Mark Bailie, CEO, Compare the Market says: “Everyday life is full of financial decisions, and many of these can be overwhelming if you do not have the tools to help you secure the best outcome for yourself.
“At Compare the Market, we’re passionate about helping people save money and get great deals on their household bills. That’s why we partnered with MyBnk to help more young people get better access to high-quality financial education, removing financial stress and helping them gain the skills they need to manage money in a cost-effective way.
“It is very pleasing to see some of the recommendations we made in our report one year ago reflected in this Education Committee report, and at Compare the Market, we are committed to working with policymakers to improve financial literacy rates in support of our purpose to make financial decision-making a breeze for everyone.”
