Why adding financial education to the curriculum will pay dividends in the long-run

It’s said that you’re never too young to start learning about money, which is why the news that financial education will become compulsory in primary schools in England is something that should be welcomed.

From September 2028, all youngsters will be taught the basics of spending, saving, budgeting and distinguishing between needs and wants before they move on to secondary school.

Most adults were not taught the basics of financial literacy in the classroom; it’s a lesson we had to learn through experience. In that context, teaching children about how to manage money from an early age is a sensible step in the right direction.

But we can’t rely solely on schools teaching our children and grandchildren the importance of financial fundamentals; families and friends can help to shape attitudes towards money long before formal education begins. As the saying goes, it takes a village to raise a child, and the same could be said of financial education.

There’s also a responsibility on financial institutions. If products are too complex or communication is unclear, the benefits of early education can be diluted. People should not need a specialist qualification to understand how their savings account works. Clarity, transparency and straightforward language are part of financial education in practice.

Embedding financial education in the curriculum is a good start, but the greater opportunity lies in reinforcing those lessons at every opportunity so that knowledge gained in the classroom becomes confidence carried into adult life.