Financial literacy is important for everyone, but it is especially important for young people. Young people who are financially literate are more likely to make good financial decisions, avoid debt, and see greater success in their careers.
Yet nearly all students are leaving school with little to no knowledge of mortgages, credit cards and loans, the risks and rewards of different financial products, the dangers of debt and how to manage it, the list goes on.
With the rising cost of living, ever increasing house prices, and opportunities for young self-starters becoming more limited, finance knowledge and management should be embedded within the curriculum as a core and fundamental life skill.
For Primary aged pupils, just understanding how money works and what you can do with it is a crucial foundation to establish interest and set children on the right path to becoming financially savvy adults. During my previous tenure, I had the privilege of working on the Money and Me resource packs, in partnership with the Bank of England and Beano. Aimed at KS1 and KS2 pupils, the lesson plans make financial literacy fun and engaging by incorporating Beano characters. It was a lovely project to work on, as it is something I wish I had been exposed to myself at that young age.
For Secondary aged students, responsibilities are just around the corner, and it won’t be long before you’re thinking a whole lot about money. Despite this, the current UK secondary school curriculum falls short in adequately preparing students for financial literacy.
The London Institute of Banking & Finance 2022-23 findings found 82% of young people want to learn more about money and finance, but only 62% reported having some sort of financial education in school.
When I left school and learned the harsh reality of how hard it is to get a mortgage, how expensive rent is, and with no knowledge of the complexities of finance, I remember thinking to myself, why didn’t somebody teach me this?
I did learn a whole lot about Shakespeare though!
What are your experiences with financial literacy in education? Let us know in the comments below.
This article was written by the TeacherHaven team, help us support education by contributing to our blog, email us at email@example.com