Financial literacy is no longer “nice-to-have” — it is a critical life skill that shapes the futures of individuals, families, and economies. Yet, for too many children and young adults in the UK, money remains a confusing and intimidating subject. With the cost of living increasing, the rise of digital payments, and the ever-growing access to credit, equipping young people with financial understanding has never been more important. The question is: what more can be done — and should this be embedded more deeply in the school curriculum during those formative years?
Why Financial Literacy Matters
A lack of financial literacy can lead to a host of issues — from problem debt and poor credit scores to low savings rates and difficulty navigating the world of housing, pensions, and taxes. According to the Money and Pensions Service (MaPS), around 47% of UK adults do not feel confident managing their money, and many of these issues start early.
Research consistently shows that money habits are formed as early as age 7. Despite this, financial education is patchy at best. While personal finance is technically part of the national curriculum for secondary school students in England, it is often squeezed into citizenship or maths lessons, lacking depth, consistency, and assessment. In primary schools, there is no statutory requirement at all.
What More Can Be Done?
- Integrate Financial Education into Core Curriculum
Instead of treating financial literacy as an add-on, it should be woven into subjects that students already study. Mathematics can be taught through real-world scenarios such as budgeting, interest rates, and loan repayments. English classes can include exercises on interpreting financial contracts or writing persuasive arguments about economic issues. - Start Younger
We need to start earlier. Financial education should begin in primary schools, using age-appropriate concepts such as saving, needs vs. wants, and simple budgeting. This lays the foundation for more complex topics in later years. - Provide Specialist Teacher Training
Many teachers lack confidence in delivering financial content. We must invest in professional development to ensure educators feel equipped to teach money management. Partnerships with external organisations, can help provide resources and workshops. - Embrace Digital Tools and Gamification
Children and teenagers are digital natives. Interactive apps and games that simulate financial decision-making can be engaging and educational. For instance, tools that simulate saving for a goal, managing a virtual budget, or making investment choices can bring abstract concepts to life. - Involve Parents and Communities
Schools shouldn’t bear this burden alone. Parents are key influencers in shaping attitudes toward money. Schools can support families with take-home resources, family workshops, or even short financial wellbeing courses aimed at carers. - Focus on Real-Life Readiness
Financial education should also cover the practical side of adulthood — understanding payslips, navigating student loans, handling tax and National Insurance, and even basics like renting a flat or managing a mobile phone contract. These are the real-world competencies young people need.
Should Schools Prioritise Financial Education?
Absolutely. Financial literacy should be considered just as important as literacy and numeracy. If we are to equip young people for a world of growing financial complexity — from subscription services and digital wallets to student loans and gig economy jobs — we cannot leave their preparedness to chance.
Moreover, improving financial literacy contributes to long-term societal outcomes: greater financial stability, reduced debt levels, improved mental health, and ultimately, a more resilient economy. It also supports social mobility, giving children from disadvantaged backgrounds the tools to manage and grow their resources effectively.
Conclusion
Financial education is not just about teaching children how to count coins or balance a budget. It’s about empowering them with the confidence to navigate a world where financial decisions come thick and fast. We have a duty — as educators, parents, policymakers, and society — to ensure every child in the UK leaves school with the tools to manage their financial lives. It’s time to shift financial literacy from the margins to the mainstream of our education system.