Global Money Week: Schools need to spend more time on financial education

Published by Edmund Greaves on 13 March 2018.
Last updated on 13 March 2018

Global Money Week: Schools need to spend more time on financial education

Parents with school-age children want their schools to put more emphasis on financial education, according to a new study from financial education charity MyBnk.

The research, conducted by the charity alongside MUFG Bank, found that parents in the UK do not believe schools do enough to equip pupils with personal finance skills. More than half of parents polled (54%) wanted more time devoted to the subject and were happy to reduce the time spent on national curriculum subjects to achieve this.

MyBnk’s study also found that 90% of parents believe that financial education should remain on the national curriculum. In comparison, just a quarter of parents (26%) want more teaching on families and relationships.

These findings come during ‘Global Money Week’, a worldwide initiative between 137 countries to raise awareness of the importance of financial education. MyBnk say it intends to reach out to 1,400 seven- to 25-year-olds through ‘money masterclasses’ and ‘enterprise challenges’ in 14 schools and youth organisations across the UK. These workshops are supported by the Money Advice Service, Investec, MUFG Bank, and Kickstart Money. 

Guy Rigden, chief executive of MyBnk comments: “These findings illustrate how squeezed school timetables are and what parents feel about how we’re using that precious time. We need to ensure we maximise impact by supporting teachers to deliver what works.”

Calls for PSHE to include more financial education

While financial education is already on the national curriculum under maths and citizenship, Personal, Social, Health Economic Education (PSHE), where it can also be taught, is not a compulsory subject. However, according to MyBnk, the Department for Education (DfE) is preparing to respond to a consultation on the teaching of PSHE in schools in England, under which MyBnk expects that PSHE will be given “statutory footing”.

This follows calls for the ‘economic’ portion of the subject to be given greater weighting. At the start of this month, the Archbishop of Canterbury’s ‘Just Finance Foundation’ called for primary school pupils to receive compulsory money management lessons as a part of the PSHE curriculum.

Rowena Young, executive director of the Just Finance Foundation, says: “Children growing up today face the most challenging and complex financial landscape of a generation. Education should reflect the times and there is a growing consensus that managing money should now form an essential part of setting children up for life.”

“PSHE is a curriculum for life, helping children and young people to protect themselves online and offline, improving their physical and emotional health, and developing character, resilience, academic attainment and employment prospects, with the greatest benefits experienced by the most disadvantaged pupils. It should be taught regularly, as a whole subject. We believe the Secretary of State has a unique opportunity to accelerate the provision of effective financial education for all young people.”

Enter Moneywise’s 2018 Personal Finance Teacher of the Year Competition

At Moneywise, financial education is a subject close to our hearts. We believe that educating personal finance management from a young age is essential. That is why we have teamed up with Foreign & Colonial Investment Trust to offer schools with the best personal finance teachers a share of £12,500 to spend on equipment. Teachers at both primary and secondary level in UK schools are eligible for the competition.

This year, the prize money pot is much greater than it was for the same awards last year. So we will be making separate awards to teachers at primary and secondary school level, splitting the £12,500 between the winners and runners-up in several categories.

To put forward your nominations, please email editor@moneywise.co.uk the name of the teacher(s) and the name and address of the school(s), plus your reasons for nominating them.

Personal finance teachers can also enter the awards directly. For an entry form, please click one of the following links:

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