Financial education in UK schools still falling short, says report

A new report has found that financial education is still not good enough in UK schools and colleges.

The report, published by the All-Party Parliamentary Group (APPG) on financial education for young people, highlights major gaps in how young people are taught about money, especially as they get older and more financially independent.

Key concerns:

• No financial education after age 16 - young people are expected to manage their own money after school, but often haven't been properly taught how.
• Outdated curriculum – lessons don’t keep up with the modern digital economy. Topics like online scams, digital spending and in-game purchases are often left out.
• Lack of oversight – no UK nation currently checks how well financial education is being taught in schools.
• Uneven access – where you live can affect whether you get quality financial education, creating a ‘postcode lottery’ of opportunities.

What the APPG is calling for

To help fix this, the APPG is urging the government to take action. Their recommendations include:

• A financial education youth guarantee to make sure all young people get money lessons at every stage of learning.
• A financial education champion in every school.
• A national online hub with reliable teaching resources.
• Participation in the OECD PISA international study of financial literacy in 2029 to track progress.

Why financial education matters

Money Wellness has long argued 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. 

Having a greater understanding of money-related concepts, such as budgeting, saving and debt management, also helps people make better choices and achieve their financial goals. 

Take steps toward financial confidence today

Even if you didn’t learn about money at school, it’s never too late to start.

Here are some simple ways to boost your financial knowledge:

• Learn the basics – understand key terms like interest rates, savings accounts, and ISAs.

• Use free resources – check out the free personal finance course at the Open University from Money Saving Expert. You can also grab a free copy of Martin Lewis' financial textbook.

• Talk about money – chat with friends and family about how they manage their money. You might learn something useful.
• Try budgeting tools – use our free budgeting calculator to track your spending and plan ahead.
• Stay informed – follow financial news and tips to stay on top of trends and advice.