Today we submitted our response to the All-Party Parliamentary Group on Financial Education for Young People’s call for evidence on the effectiveness of financial education in schools.
The introduction of statutory financial education in 2014 was hailed by many, including The Money Charity, as a big victory. There was a sense that this was ‘job done’. Now all students would be getting high-quality financial education at school that would save many of them from the money troubles that blight too many young lives.
Since then however, these high hopes have not been met by reality. Without further leadership and resources for schools to commission outside help or train teachers to meet the new requirements, and with many schools seeing financial education as a low priority compared to examined subjects, not much has changed.
There are many schools in the UK providing high-quality financial education, often with the help of groups like The Money Charity, Pfeg and Young Enterprise. But the curriculum changes and government action have not managed to scale good practice so every child and young person receives the education they need.
In the response we submitted today we explore:
- The strong case for financial education in secondary schools
- The continuing barriers schools face in providing or commissioning good financial education
- The importance of The Money Charity’s direct delivery model for many schools
- Recommendations to help schools meet the curriculum requirements.
Read the full response here.