As a charity delivering expert-led financial education programmes across the UK, we at MyBnk read the Curriculum and Assessment Review Interim Report with high hopes.
The Interim Report confirms what we at MyBnk see every day – young people, parents, and educators overwhelmingly want better financial education in schools. Yet, despite this clear demand, financial literacy has not been made a priority in the report’s key focus areas for improvements.
The focus areas include ensuring high standards for all, addressing subject-specific challenges, responding to social and technological change, and ensuring pathways beyond GCSEs. While digital literacy and climate change dominate the headlines under the ‘responding to social and technological change’ priority, the report itself highlights financial education as a critical area needing 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, with skills such as finance and budgeting topping the skills seen as supporting development “into well-rounded individuals” prepared for higher learning or work.
There is a clear gap between intent and impact. Our own research found that while 78% of teachers say their school delivers financial education, 61% of young people do not recall receiving any. (MyBnk and Compare the Market, 2023).
So why has financial education been overlooked in the report’s priorities? It’s clear from the government’s own research that parents, guardians, young people and teachers alike see the necessity for more teaching time allocated to practical money education.
MyBnk is therefore calling for financial literacy to be prioritised alongside digital literacy and sustainability under the focus area ‘responding to social and technological change’.
We urge policymakers to act on their own research and ensure every young person leaves school equipped with the money skills they need to thrive.
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.
