The first year of secondary school is ‘too late’ to start learning about money, according to a new survey of teachers to mark the beginning of My Money Week (9 to 15 June). Thousands of schools are putting on money lessons and other activities during My Money Week, run by financial education charity pfeg (Personal Finance Education Group), in advance of financial education joining the new National Curriculum for secondary schools in England in September.
The survey found that nine in 10 teachers do not believe that “the government has done enough” by introducing financial education into secondary schools. The move, confirmed late last year, marks the first time that financial education will be compulsory in schools in England – but does not affect primary schools or the growing number of Academies and Free Schools not obliged to follow the National Curriculum.
The lack of financial education at primary school level was identified as a particular concern, with 70% of teachers reporting that pupils are encountering “money and financial decisions” earlier than they used to. More than four in five teachers (83%) believe that financial education must begin in primary school, not secondary school, to be most effective. The findings follow research from the Money Advice Service confirming that financial habits in adulthood are established by the age of just seven years old.
Tracey Bleakley, pfeg (Personal Finance Education Group) chief executive, said:
“Teachers want to see the government go much further on financial education, and so do we. Financial education’s new place in secondary schools is a huge leap forward, but without starting at a much earlier age, at primary school level, we are missing out on a huge opportunity to improve financial capability in the UK.
“Our message is simple. Every school – whether primary or secondary, maintained, Academy or Free School – should be teaching its pupils how to manage money. Until we reach this point, we are failing in our responsibility as a society to prepare young people for the challenges they will face throughout their adult lives. My Money Week is a great way for schools to give their pupils a head start in gaining the financial skills, knowledge and confidence they need.
Since the first My Money Week in 2009, millions of young people have been helped to understand more about money and personal finance through focused activities in schools. Last year My Money Week reached approximately 1.3 million young people in more than 4,500 schools and other settings.
This year’s My Money Week will give teachers the opportunity to improve the financial skills, knowledge and confidence of their pupils using topical news stories and current affairs to bring the subject to life. To help them do this, teachers have been given access to pfeg’s free My Money Week online resources and training, full of creative and engaging activities and ideas for how to deliver financial education to young people, from the age of four right up to 19.
From September financial education will be taught as part of mathematics and Citizenship education in maintained secondary schools in England, following years of campaigning by pfeg, MPs and Peers in the All Party Parliamentary Group (APPG) on Financial Education for Young People, and MoneySavingExpert.com’s Martin Lewis. The change brings England more into line with Scotland, Wales and Northern Ireland.