Children want to learn more about money

Many children are keen to be taught more about money, new research has found.

According to KidsKnowBest, almost half (47%) want more financial education in school.

Meanwhile, more than two-thirds (67%) want to be taught more about money by their parents.

What financial education do children get?

Since 2014, financial education has been on the national curriculum for local authority-run secondary schools, with the subject covered in citizenship lessons.

However, academies and free schools can opt out, and financial education isn’t on the curriculum in primary schools at all.

In response to its findings, KidsKnowBest has called for more to be done to deliver financial education to young people.

This, it said, could “empower this generation, transforming their anxiety into informed agency and building a more financially resilient future”.

Half of kids worried about money

Nearly half of children aged 14 or are under say they feel stressed about their financial future.

This could be partly because of a lack of financial education, as just 60% said they understand money.

And many could also be conscious of the financial problems their parents are currently experiencing.

“Children can't be divorced from the anxieties their parents may be feeling in a world of financial insecurity and continuing cost-of-living pressures,” said Joel Silverman, chief executive of KidsKnowBest.

“Yet, critically, this anxiety isn't shutting them down. 

“Instead, it's sparking a deep curiosity and a hunger for practical, human-led learning about money.”

Parents want early financial education for children

This latest research comes shortly after a study by Yorkshire Building Society found that many parents want their children to start learning about money early in life.

Figures showed that a fifth (20%) of parents with children aged five to 17 think money management should be taught before the age of five.

Meanwhile, over a quarter (27%) would like it to begin between the ages of five and seven. 

This is partly because many parents are feeling anxious about their children’s financial futures.

More than a quarter (27.2%) said they’re “very worried” that their kids will face more financial challenges than they did at the same age.

And nearly half (48%) said they’re concerned that their kids won’t be able to get on the property ladder.

Could financial education help people avoid falling into debt?

Money Wellness recently surveyed people we’ve supported with debt advice and found that 94% didn’t get any financial education when they were younger.

But notably, 80% said they thought it would have made a difference to their situation.

When asked what specific topics would have helped them manage their money better, they said

• budgeting - 77%
• understanding what credit and debt is - 68%
• how to save money and why it's important - 62%

We agree that financial education in schools needs to improve, as it can help people manage their money, make informed decisions and plan for a secure future. 

And at a time when money-related products seem to be getting more varied and complex, financial literacy is becoming an increasingly important skill to possess.