Through the Youth Financial Capability Group (YFCG), The Money Charity has written to Minister of State for Schools, Nick Gibb MP, urging him to legislate for statutory Personal, Social, Health and Economic education (PSHE) for all primary and secondary schools in England.
Along with five other organisations dedicated to working towards effective financial education for all young people, The Money Charity has advocated widening and enforcing the provision of effective financial education through legislating statutory PSHE for all primary and secondary schools. New legislation would make sure students receive regular financial education in all schools, not just those that abide by the national curriculum.
Evidence shows that money habits begin to form around the age of seven, therefore underlining the worth of early intervention in primary schools. Through financial education, good habits and behaviours can be built up as children become more familiar with money, subsequently improving financial capability.
Our current experience of PSHE is that teachers already struggle to teach financial education, with 80% believing that outside help is needed to teach it. We, along with the other organisations in the YFCG, are concerned that one current option in circulation is to narrow the scope of PSHE, potentially excluding financial education. Everyone has to deal with money in some capacity, therefore educating young people to make better and more informed choices when it comes to managing their finances will positively impact their futures.
Michelle Highman, Chief Executive of The Money Charity says:
“The evidence speaks for itself. Children as young as 7 start to form behaviours and opinions on money. Therefore it is crucial that our work, as well as that of the other organisations in the YFCG, continues and reaches more young people. Legislating for statutory PSHE in all schools would be a great step towards getting all young people on top of their money, improving the chances of them making sound financial decisions in the future.”
Read the full letter here.
We also conducted research in 2016 into the effectiveness of financial education being placed on the national curriculum as part of PSHE. Read on here.
About the YFCG
The YFCG works directly with young people in primary and secondary schools, with young adults entering independent living and with teachers, youth workers and the organisations that serve them. Collectively, we design and deliver workshops; create and quality mark resources; train teachers and youth workers; set study plans and examinations; conduct research seeking evidence of impact; and collaborate to achieve the best possible outcomes for young people.