The push by Westminster’s education select committee for compulsory financial education in primary schools, in addition to secondary schools, is a welcome step (“UK primary school children should have better financial literacy education, say MPs”, Report, FT.com, May 22).
Financial capability better prepares young people to navigate financial challenges, maximise opportunities, boosts earning power and fuels savings.
And yet a recent YouGov study commissioned by Young Enterprise revealed that more than a third of secondary and over half of primary schoolteachers reported that financial education was either absent from their curriculum or its presence remained a mystery.
How prepared for the world of work are our young people if they have not learnt to earn and manage their money?
This inconsistency underscores the urgent need to strengthen financial education provision.
Without accessible tools, resources and training for educators, combined with a clear position in the curriculum, this crucial topic will continue to be delivered inconsistently and ineffectively, leaving young people disadvantaged based on where they live and how they learn.
We particularly endorse the committee’s proposal for a dedicated financial education “lead” in each school to ensure a more cohesive programme. Ultimately, the government must do more to equip and empower teachers, integrating this topic into the curriculum in a cost-effective and sustainable manner.
Sharon Davies
Chief Executive, Young Enterprise, London WC2, UK
