Financial Education

The Money and Pensions Service states that “Children and young people who recall learning about money at school are more likely to save frequently, have a bank account, and be confident managing their money. However, less than half of the UK’s children receive a meaningful financial education at home or in school.”

Children and young people in vulnerable circumstances may be more at risk of having lower levels of financial capability or poor financial outcomes. Yet, there is limited provision targeted to children who are most vulnerable and those who work with them.

  • Nearly a quarter of young people surveyed by the Young Persons’ Money Index (2023/2024) say they taught themselves financial education, often learning from social media channels and/or influencers, and 41% say they get most of their financial understanding from parents or family. This brings the challenges of variable education, different levels of understanding and inequality.
  • Financial skills impact emotional wellbeing later in life. Financial stress and difficulty are associated with mental health problems and suicidal ideation.

Teaching in practice

The Money and Pensions Service suggest four ways to improve children’s financial wellbeing:

1. Starting early - incorporate learning about the world of money into your teaching from pre-school upwards.

2. Put learning into practice - provide pupils with a combination of in-class and experiential learning. Financial education can bring maths to life and can be easily incorporated into PHSE and Citizenship lessons.

3. Make the most of everyday events – lessons on banking could coincide with students approaching 11 years old, when they can open a bank account.

4. Involve parents and carers - school-based financial education will be most successful when parents/carers are engaged too.

This section provides web links to information and resources for teachers to help with lesson planning, activities and presentations. Some links also provide ideas to help parents/carers talk about money with children.

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National Guidance

Teaching about money is part of the citizenship curriculum, which is a statutory requirement for key stages 3 and 4. The government also provides guidance to begin citizenship teaching in key stages 1 and 2, so knowledge and skills can be built over time.

Key stage 1

  • To realise that money comes from different sources and can be used for different purposes
  • Make real choices (for example, how to spend and save money sensibly)
  • Consider social and moral dilemmas that pupils come across in everyday life (for example, use of money).

Key stage 2

  • To look after their money and realise that future wants and needs may be met through saving
  • Make real choices and decisions (for example, how to spend money, including pocket money and contributions to charities).

Key stage 3

  • The functions and uses of money, the importance and practice of budgeting, and managing risk.

Key stage 4

  • Income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.

Resources

Curriculum planning

Young Money Financial Education (part of Young Enterprise) provides planning frameworks, resources and training to anyone teaching young people money management skills.

Talk Money Week This awareness week each November is an opportunity to get involved with events and activities across the UK, to help people have more open conversations about their money.

Local providers

Work Out Your Money is a project by Citizen’s Advice Havant to support the development of money skills in the local community. They provide Financial Capability teaching resources for schools and bespoke workshops.

Lesson planning

LifeSkills by Barclays provides free lesson plans on various financial topics, with additional sections for Care Leavers and SEND.

Natwest MoneySense provides free lesson plans, activity sheets, videos and interactive activities for ages 5-18.

Lloyds Bank Academy provides free resources targeted at ages 3-16+, designed to be inclusive.

MyBnk provides free or paid-for financial education programmes for young people in schools and youth organisations, by direct or online delivery.

Bank of England's econoME is designed to help young people better understand the economy and provide them with the analytical skills to make informed decisions.

YBS Money Minds offers downloadable presentations, schemes of learning and exercise documents, alongside online games suited to KS3, KS4 and KS5 learners.

Signposting for children, young people, and parents/carers

The Money and Pensions Service's Talk Learn Do was a pilot project to help parents speak to their children.

MoneyHelper's Talk Money is a resource to share with parents/carers to help them have difficult conversations about money with family and friends.

SEND and Alternative Provision

LifeSavers provide financial education resources for those in alternative provision.

London Institute of Banking and Finance's Teaching Financial Capability & Skills resources for learners with SEND and those in education centres.

MyBnk provides free or paid-for financial education programmes for deaf and blind young people, and those not in mainstream provision.