Young People Call for Change: 84% of Kids and Teens Want to See Financial Education on the New National Curriculum

GoHenry Financial Education research reveals that 84% of children want money skills taught in school. This demand for kids’ financial literacy highlights growing concerns among young people, who say understanding personal finance is as important as core subjects like English and Maths.

The data, taken from more than 2,000 6-18-year-olds*, shows financial education is a key skill kids and teens want to learn about with 84% saying it’s equally or more important than Maths, English and Science** and 9 in 10 agreeing it will help them in adult life and work.

With more than two-thirds (68%) of 18-year-olds worried about leaving school without any money skills**, GoHenry is renewing its call to make financial education compulsory from primary school as the Government continues its review of the national curriculum, led by Professor Becky Francis.

Finances not fractions – the money skills kids want to learn at school

Kids would like to start honing their money skills from a young age, with over half (52%) of 6-to-10-year-olds saying they would like to learn about financial education in primary school. According to the GoHenry Financial Education survey, most teens believe learning how to save, budget, and use a bank account is vital for adult life.

In terms of where it sits on the curriculum, a third (33%) of 6-18-year olds think financial education should be taught as part of PSHE (Personal, Social, Health and Economic education) – exactly what GoHenry is calling for in its Financial Education Manifesto – while nearly a quarter (22%) think it warrants becoming a standalone subject.

Of the kids who want to be taught financial education in school, the most popular money topics are:

1. How to save money – 46%
2. How to buy a house (e.g. mortgages) – 34%
3. How to earn money and build a career – 34%
4. How to create a budget – 31%
5. How to use a bank account – 31%

A family affair: nearly three-quarters of kids turn to parents to learn about money

With a lack of formal financial education in schools, parents are picking up the pieces, with nearly three-quarters (72%) of kids saying they’ve learnt the most money skills from their mum and dad.

Growing up amid the rise of influencer culture, social media has also become a key source of financial information for young people, with over a quarter (26%) saying social media is where they’ve learnt the most about money from.

Louise Hill, Founder of GoHenry, said: 

“With the Curriculum & Assessment Review underway, policymakers have an opportunity to show they are listening to young people. We know that building up core money skills from the earliest opportunity has a positive impact on adult life, which is exactly why we are campaigning for financial education to be part of the new curriculum from primary school.

“I’ve always regretted not learning about money topics – like investing or budgeting – in school.  Money management is an essential life skill and I wholeheartedly believe that we owe it to the next generation to get this right, so that they are better equipped than we were to navigate adulthood successfully.”

Rachel Taylor, Labour MP for North Warwickshire and Bedworth, said:

‘A robust national curriculum which offers our young people practical lessons about money to equip themselves for the future can only be a good thing. I know from speaking with school children and teachers in my constituency that there is an appetite to learn about money in school, something which GoHenry’s new data confirms too.

“I support calls to make financial education compulsory in the national curriculum from primary school age – now is the time to make lasting change.”

14-year-old Eashan from Essex thinks financial education should be taught at school:

“I’ve learnt a lot about money from my mum and her friends, who have always taught me to be responsible with it, making sure I save my pocket money and encouraging me not to spend it all at once.

“I think it’s really important that we understand money and finances, especially as I get older and become more independent. We learn about Maths, English and Science at school – it would be great to have money lessons too. I think they’re just as important a skill!”

Learn more about GoHenry’s latest Kids’ Eye View of the National Curriculum here.

GoHenry Financial Education stresses how important it is to teach young people real-world money skills and financial literacy as changes to the curriculum are being thought about.