Catherine Winter, MD, Financial Capability at The London Institute of Banking & Finance says:
“We’ve been advocating for good quality financial education in schools since 2012 and providing qualifications and learning resources to schools for over ten years. However, while financial education is on the curriculum, how it’s taught, for how long, and the course content, isn’t specified. As can be seen from our research, financial education is often squeezed into other subjects as it jostles for classroom time – and very few young people get regular access.
In our experience, the missing pieces of the current numeracy and financial literacy equation could start to be answered if the subject becomes part of the Ofsted Framework. That would ensure that it could be prioritised and measured effectively.”
Our research found that:
- young people want more financial education at schools, as well as more regular access to it
- they are worried about money, particularly in the older age groups
- the cost of living has also increased money worries among young people
- they see financial products such as mortgages, pensions and savings, as a learning priority
- a high number of young people experience scams, phishing or fraud on a daily basis
We are the awarding body for dedicated financial education qualifications at Levels 1, 2 (GCSE equivalent) and 3 (A-Level equivalent). We also have an e-learning programme (Lessons in Financial Education – LiFE) which requires no teacher or classroom time and can be studied at both Level 1 and 2. These all cover the essential elements of managing money well, to build financial confidence and resilience.
Our Level 2 Technical Certificate in Finance (TCF) is designed to give students a detailed introduction to the world of finance. They learn about financial services, financial products, and finance in business, whilst developing transferrable skills required for a successful career within the sector.