An AMAZING win: All school children in England to be taught financial literacy

I don’t feel we get to say this very often in the world of finance at the moment. But we’ve had some great news. This week, the Department for Education (DfE) confirmed that financial education will become compulsory for all primary and secondary aged children.

Yes, you read that right – but just in case, I am going to repeat it. Financial education will become compulsory for all primary and secondary aged children. This is such a huge moment.

As most of you will know, there are many in the financial industry, me included, who have been campaigning hard for this to happen. This is a huge win, a really important win. Learning to understand money and finances is not just a nice to have. It is an essential skill that has the power to transform a life. Knowing how to budget, understand interest rates, calculate compound interest, APRs, debt and all the associated outcomes can mean the difference between a decent life and one full of struggle; a prosperous one and one of lacking; an easy life and a really very hard one. It is a fundamental building block in helping our young people grow into responsible, independent and successful human beings that have the skills to positively contribute to society.

Personally, as part of this campaign, I have written to the Chancellor, Rachel Reeves to call on her to include this on the national curriculum. I have also been going into schools to introduce the fundamentals of personal finance to children of all ages. I have also set up ‘1 hour a year’ which encourages everyone in the financial industry to volunteer just one hour of their time to do the same. With this addition to the curriculum not coming into play until September 2028, there is still plenty of work for us to do to plug the gap and make sure no one falls through the cracks.

But it is not just financial industry folk who have been calling for this. According to Becky Francis, the chair of the Curriculum and Assessment Review that informed the DfE’s decision, financial literacy was ‘the most highlighted area of importance by parents’. This is a point I mentioned in my most recent SKQ article, pointing out that in the review 34% of 14 – 16 year olds and 43% of their parents said that they wished they / their child had spent more time learning about ‘finances and budgeting’ while in Years 7 to 10.

We are thrilled that the DfE has listened to what everyone has been asking for. As I have already said, this genuinely has the power to transform lives.

If you are interested in finding out more about the 1 hour a year campaign, please let me know.