Young people want to learn more about money in school, according to new research from GoHenry, the money app helping kids learn to earn, save, spend and invest.
GoHenry says that around 84 per cent of kids want to see financial education in the Government’s new national curriculum, according to a survey of over 2,000 six to 18-year-olds. The same proportion said that financial education is equally or more important than Maths, English and Science, while nine in 10 agree it will help them in adult life and work.
Meanwhile, 68 per cent 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.
Kids would like to start honing their money skills from a young age, with 52 per cent of six-to-10-year-olds saying they would like to learn about financial education in primary school.
In terms of where it sits on the curriculum, 33 per cent of six to 18-year olds think financial education should be taught as part of PSHE (Personal, Social, Health and Economic education) – and this is what GoHenry is calling for in its Financial Education Manifesto.
Of the kids who want to be taught financial education in school, the most popular money topics are:
- How to save money – 46 per cent
- How to buy a house (e.g. mortgages) – 34 per cent
- How to earn money and build a career – 34 per cent
- How to create a budget – 31 per cent
- How to use a bank account – 31 per cent
Finding other sources of education
With a lack of formal financial education in schools, many parents are picking up the pieces, with nearly three-quarters (72 per cent) 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 26 per cent saying social media is where they’ve learnt the most about money from.
“With the Curriculum & Assessment Review underway, policymakers have an opportunity to show they are listening to young people,” said GoHenry founder Louise Hill. “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, added: “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.”
