As the UK faces ongoing economic challenges, MyBnk is calling on the Treasury to place financial literacy and fluency at the core of cross-governmental efforts to drive economic growth, break down barriers to opportunity, and combat poverty and inequality. Our 2024 Autumn Budget Representation outlines key recommendations aimed at embedding financial education across all levels of society and addressing critical financial transitions that leave many young people and adults vulnerable.
Key Proposals
We believe that true economic empowerment begins with a comprehensive approach to financial education. That’s why MyBnk is urging the government to:
- Embed Financial Education in Schools: Financial literacy should be firmly embedded across the curriculum, covering both practical skills such as budgeting and managing debt, as well as theoretical understanding of personal finance. This will give young people the tools they need to navigate an increasingly complex financial world.
- Support National and Local Initiatives: Beyond the classroom, it’s crucial that financial education initiatives target individuals at key financial transition points, such as entering the workforce or purchasing a home. These groups are at greater risk of financial mistakes and supporting them with targeted programmes could prevent long-term financial difficulties.
- Drive Economic Growth Through Financial Fluency: MyBnk’s representation highlights research showing that improved financial literacy rates can boost economic growth, reduce unemployment, and help tackle societal issues that result in long-term costs for the government. We believe that any upfront costs to implement these recommendations would offer outstanding value for money, empowering a more financially fluent population.
Claire Quigley, Deputy CEO and Fundraising and Communications Director at MyBnk, adds: “Financial literacy is a critical foundation for a more equitable society. Our proposals not only support the next generation in becoming financially fluent, but they also align with broader national goals for economic growth and social mobility. The government has a unique opportunity to invest in the financial future of young people, and the potential returns – both socially and economically – are immense.”
Click here to read the full details of our 2024 Autumn Budget Representation and learn more about how financial education can shape a more prosperous future.
