The UK government has been urged by GoHenry to make financial education compulsory starting from primary school, as highlighted during a recent event in the House of Commons.
Louise Hill, co-founder and CEO of GoHenry, shared findings from their research indicating that 84% of children and teenagers desire more financial education in schools. Additionally, 68% of 18-year-olds expressed concerns about graduating without essential money management skills.
At the event, GoHenry introduced their Financial Education Manifesto, which outlines ten recommendations for enhancing financial education for young people. These include implementing financial education in primary schools, making it a requirement in secondary schools, and ensuring the curriculum contains practical applications rather than solely theoretical teachings.
This initiative is part of GoHenry’s ongoing campaign, which has seen similar requests made in January 2024 and October 2023. Hill stated, “A decade after financial education was included in secondary school curriculums in England, it’s evident that the approach is not effective. We continue to fall short in preparing children and teenagers. Our manifesto proposes a straightforward, efficient, and effective method of delivering financial education without necessitating significant public spending or imposing on teachers.”
Claire Hazelgrove, Labour MP for Filton and Bradley Stoke, emphasized the importance of GoHenry’s work in fostering financial literacy skills among young people. She referenced research from the University of Cambridge indicating that financial habits often develop by age seven, yet access to formal financial education remains inconsistent. In many cases, when financial education is included in the secondary curriculum, teachers report feeling ill-equipped due to a lack of confidence, capacity, and resources. Hazelgrove underscored the need for equitable opportunities for all young people to acquire these essential life skills and succeed.