The London Institute of Banking & Finance (LIBF) has today welcomed the publication of the UK Strategy for Financial Wellbeing, but warns there’s a big mountain to climb before financial education can have the impact that’s needed in schools.
The Institute is calling for financial education to be included in the Ofsted Framework to ensure schools deliver meaningful programmes with measurable outcomes.
Catherine Winter, Managing Director of Financial Capability at The London Institute of Banking & Finance said:
“The publication of the UK Strategy for Financial Wellbeing is a welcome step towards ensuring everyone in the UK can become more financially capable and resilient.
“But it’s clear there’s a big mountain to climb, particularly with the delivery of financial education.
“Even after five years of financial education being in the national curriculum, our research shows that 69% of students still regularly worry about money. Most (82%) want to learn more about money in school – especially on the practicalities.
“Too often financial education is included in other subjects and only taught sporadically.
“It needs to be regular, meaningful and measured to be really effective and ideally taught as a standalone subject. Including financial education in the Ofsted Framework would help to ensure that happens.”
Notes to editors
The Young Persons’ Money Index 2019
The Young Persons’ Money Index is an annual survey run by The London Institute of Banking & Finance that tracks the delivery of financial education in schools in the UK. It also examines the attitudes, behaviours and experiences of UK students in relation to money and personal finance.
The
UK Strategy for Financial Wellbeing, launched this week by the Money and Pensions Service, establishes five “agendas for change” and sets goals to be achieved by 2030. This includes -
Financial Foundations: 6.8 million children and young people getting a meaningful financial education.
Find out more about our Financial Capability qualifications