Britons Back Call to Fast-Track Financial Literacy Classes

WHY THIS MATTERS: This polling delivers a clear mandate: the UK public perceives the government’s 2028 timeline for compulsory financial literacy as dangerously slow, revealing a deep anxiety about personal economic stability amid the ongoing cost-of-living crisis. For the financial services industry, this is a value-first call to action. The current landscape is defined by the rapid adoption of digital payments and increasingly complex products, from BNPL schemes to burgeoning digital assets. Without accelerating fundamental education on budgeting, debt management, and compound interest, the sector risks widening the digital divide and eroding consumer trust. This gap between the speed of financial innovation and the pace of public education creates a systemic risk, pushing more citizens into unsustainable debt. The industry must actively lobby for an expedited curriculum to ensure true financial inclusion for all future users.

Two thirds of Britons want the Government to fast-track plans to teach financial literacy in schools, new polling reveals. Under the Government’s Plan for Change overhaul of the National Curriculum, children in both primary and secondary schools will have mandatory financial literacy classes from September, 2028. 

But new polling for The Payments Association (TPA) shows strong support for a fast-tracking the roll out of financial literacy lessons across Britain’s schools.

Overall, almost two thirds of those polled (64 per cent) wanted classes in areas like budgeting, credit and debt management introduced more quickly.    

Speeding up the roll out was most popular with Liberal Democrat supporters, with 74 per cent backing the idea.

Some 68 per cent of Conservative supporters also backed fast-tracking the classes, with support among Green and Reform voters standing at 67 per cent. Labour support for a rapid roll-out was 64 per cent. 

Strong support for financial literacy classes in schools was underpinned by people’s concerns about their own finances. 

Almost two thirds of those polled, (64 per cent) said they were worried about the cost of living and their own finances.  Those concerns were highest among voters who supported the Green Party (71 per cent) and Reform supporters (68 per cent). 

Riccardo Tordera-Ricchi, Vice President – Policy and Government Relations at The Payments Association, said: “It is clear from this polling that many families are worried about their own finances and the cost-of-living crisis in Britain.

“Many households are struggling with debt and fearful, particularly with the conflict in the Middle East, that inflation and the cost of mortgage repayments may well rise again in 2026.

“It is understandable, therefore, they want their own children to get the best start in life by learning how to budget well, understanding issues like compound interest rates, and how to find the best credit offers on the market. 

“How to make sensible choices with your money is something we should learn from an early age.   It may help people from falling into situations in adulthood where they struggle to pay debts and to ensure we can all get better at finding the best offers on the market and spotting the deals which really are too good to be true.

“The Payments Association’s manifesto in 2025 pushed for financial education to be taught in schools, and we were very pleased to see the Government’s National Inclusion Strategy pressing ahead back in November.  But we recognise that every moment lost on financial education puts someone further behind in managing their own money, and we are glad to support both the public and the Times in calling for this to happen as soon as possible.”

The polling, carried out by pollsters TWA, was commissioned ahead of The Payment Association’s annual PAY360 event at the Excel Centre in London on March 25th and 26th. 

The event attracts more than 6,000 visitors and one of the main themes of this year’s will be ensuring Britain is a world leader in the transformation of payments away from traditional cash to digital assets.

The polling reveals that while almost half of Britons (49 per cent)  “hardly use cash” consumers may not feel fully ready for the digital payment revolution. 

Overall, only 31 per cent slightly or strongly agreed with the statement: “I prefer using a digital wallet to using cash” – compared to 43 per cent who disagreed.   

Labour supporters and Green Party supporters were most at home with the change, with 44 and 46 per cent respectively preferring digital wallets to cash. 

While 37 per cent were worried that the UK risked falling behind other countries in financial innovation, only 13 per cent agreed that Britain should be “an early adopter of crypto”. 

Among different voter groups, support for early adoption of crypto currencies was highest among Labour voters – with one in five backing the idea. 

Tordera-Ricchi added: “With digital assets on the rise, it is imperative that they become a part of financial literacy.  We must support people to understand the options that modern technologies offer them, whether that’s for more flexible and personalised money management or to reduce costs for small businesses.  If we do not do that, we cannot be surprised that people do not yet grasp the potential, and are leaving some of those opportunities on the table.”  

There was also strong support for the retention of a bank on the high street so that people could resolve issues in person when necessary. 

Two thirds of those polled, (66 per cent) agreed with the statement: “Even with the growth of online and mobile banking, I still want a physical bank in my area.”  Only 11 per cent slightly or strongly disagreed with the statement. 

Tom Welborn, TWA founder, said: “This polling suggests that while people are making the switch from traditional money to digital assets, there is a strong desire for a safety net to ease the transition. 

“People still want the reassurance of a bank on their high street but are adapting to digital wallets and, in some cases – particularly among the younger voters on the left – prefer the ease of digital payments.

“What voters of all political stripes do tend to agree on is they are worried about the cost of living and worried about their own finances.   

“In times of uncertainty and volatility, people appreciate knowledge can be a powerful guard against falling into traps, such as unsustainable debt.  Regardless of political perspectives, that is something most voters want for their children, and they want to arm their children with that knowledge as quickly as possible.”

FF NEWS TAKE: This announcement is pivotal because it reframes the conversation around financial education from a policy aspiration to a public necessity. The widespread concern over personal finances, paired with consumer caution towards digital wallets, shows a clear knowledge gap in the shift to a cashless society. The needle moves as the focus shifts to acceleration. We will be monitoring industry alliances, such as those led by The Payments Association, to see if they can effectively pressure policymakers and collaborate with educational bodies to front-load the curriculum, especially on the complexities of new payment methods and digital assets.