Money Wellness
Illustration of children learning in a classroom
category iconmanaging your money
calendar icon22 May 2024

Call for better money-management lessons in schools

Financial education in schools needs a complete overhaul, according to a new report.

The cross-party Education Committee has found, despite being added to the national curriculum ten years ago, financial education in schools is still well below par.

What’s the state of play at the moment?

All local authority-run schools have to teach financial education as part of the primary and secondary maths curriculum, and in citizenship studies for those between the ages of 11 and 16.

The committee heard many schools are only covering basic concepts such as money calculations, with teachers lacking confidence in delivering content.

What areas should financial education cover?

Financial education covers a wide range of vital life skills, including:

  • understanding a payslip
  • how money affects relationships
  • judging financial risk
  • avoiding online scams

What the report is calling for

The committee is calling on the Department for Education to:

  • introduce more lessons about managing money at primary school 
  • encourage schools to appoint financial education coordinators to champion the subject
  • improve access to quality learning materials
  • make the subject a key part of the government’s plans for all 16-18 year olds to study maths

Urgent update

Committee chair Robin Walker said:

“Financial education in England needs an urgent update that takes account of how the schools sector, financial pressures on children and consumer habits have changed.”


Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

Related posts

Interest rates to stay the same despite inflation drop

The Bank of England is keeping interest rates on hold, despite inflation falling to its target level.

Online shopping changes could lead to more impulse buys

Experts have suggested planned changes from Mastercard to speed up the payment process for online shoppers could result in more impulse buys. Find out what to do if you’re struggling with your spending.

How to spot spear-phishing scams

More and more fraudsters are using personal data to target people in what are known as spear-fishing scams. Find out how to protect yourself.

Labour promise hundreds of new banking hubs

Labour will open hundreds of banking hubs to fill the gap left by branch closures, if they are elected in July.