This week is Talk Money Week, which is about encouraging people to talk more about their finances. Through this we can reduce the stigma surrounding money worries and help people make their money go further. But it takes far longer than a week to build up the skills and knowledge required to manage money well. We must start far earlier - when children are at school.
As Chair of the Financial Education for Young People APPG, we are delighted that the curriculum review is open, providing a great opportunity to highlight the need for financial education at every stage for young people. We are also undertaking research into financial education across the devolved nations to identify what works and what can be scaled up to support financial education across Britain.
When I talk to teachers, they tell me about time pressures and a lack of confidence in teaching a subject that does not come naturally to many. In other words, poor financial education is transmitted from one generation to the next. Simply adding financial education to the curriculum has not been enough; we need to provide the training and teaching aids to schools to give teachers the ability to tackle this subject with confidence. Without action, we risk allowing another generation of young people to enter adulthood without the financial knowledge they need, leaving them ill-equipped to avoid common pitfalls.
Our world is increasingly competitive, and we should strive to prepare our children in the best way possible for their future lives. The reality is that everybody will face financial challenges in life, and it is important we teach young people how best to shepherd their finances through these moments. What’s more, we want them to take advantage of financially stronger times in their lives to provide security for their futures and that of their families. Providing good quality financial education throughout the school years is a vital way to improve financial wellbeing across the generations.
