MyBnk was delighted to read the Curriculum and Assessment Review Interim Report and see the report highlight financial education as a critical area requiring attention.
Polling carried out for the report shows that financial education comes out on top as an area that both parents and children wish there was more education on:
“We have also heard consistently from children and young people and their parents that they want more focus on the applied knowledge and skills that will equip them for later life and work; such as financial education, careers knowledge and politics and governance. For example, our polling shows that 34% of key stage 4 learners and 43% of their parents would have liked more focus on finance and budgeting, and 32% of key stage 4 learners and 36% of their parents would have liked more time on employment and interview skills (figure 7).
The National Parent Survey data further confirms these trends: nearly half of parents think that too little time is spent on skills related to financial management (48%); and around a third would like more attention to life skills (32%); and preparation for the job market (32%).”
Financial education also makes a key appearance in the 16-19 section of the report, highlighting its importance at transition stages:
“The transition to 16-19 study is a significant milestone for young people. Giving students a firm grounding in primary and secondary education sets them up to progress successfully through academic and technical/vocational pathways at 16. We have heard the importance of ensuring that the system of 16-19 pathways supports all learners to hone the knowledge and skills they need to step confidently into adulthood.
This includes both qualifications as well as skills (such as finance and budgeting, employment and interview skills), to support learners to develop into well-rounded individuals and to be ready for higher learning or work.”
Our work with 16- to 19-year-olds in their transition to adulthood remains vital in supporting young people to develop the knowledge they need to step confidently into adulthood, and addresses this skills gap.
MyBnk’s recommendation:
- As the majority of young people and parents identify financial literacy as a key missing life skill, it should be strongly prioritised alongside digital literacy and sustainability.
