The UK government has been called to make financial education compulsory from primary school by GoHenry, at an event in the House of Commons this week.
Louise Hill, co-founder and CEO of GoHenry, reported that their research found 84% of children and teenagers would like to have more financial education in school and that 68% of 18-year-olds are worried about leaving school without any money skills.
During the event, the company launched their Financial Education Manifesto, which included 10 recommendations for financial education for young people including teaching financial education from primary school, make it compulsory in secondary school, and including practical elements not just theoretical lessons.
This is part of a continous campaign by GoHenry, having also made these calls in January 2024 and October 2023.
Hill said: “Ten years on from financial education being added to secondary school curriculums in England, it’s clear it’s not working. We’re still failing kids and teens on this front. Our manifesto outlines how we feel financial education can be delivered in a simple, efficient, and effective way, without the need for significant public spending, primary legislation, or overburdening teachers.”
Claire Hazelgrove, Labour MP for Filton and Bradley Stoke, noted: “GoHenry does important work in supporting young people to develop financial literacy skills. Research from the University of Cambridge has shown that financial habits are often formed by the age of 7 – yet formal financial education is still a postcode lottery. Where it is on the curriculum much later, at secondary level, many teachers report a lack of confidence, capacity, and resources to teach it. There is more work to be done to ensure that all young people have the same opportunity to develop these foundational life skills and thrive.”