Quilter urges Prime Minister to make financial education compulsory in UK primary schools
Quilter CEO Paul Feeney has joined bosses of the UK’s leading savings and investment firms writing to the Prime Minister to call for compulsory financial education in UK primary schools.
New polling by ComRes reveals that 72% of Brits who expressed an opinion support the teaching of financial education in primary schools. When made aware that attitudes towards money are formed as young as 7, a clear majority supported teaching children how to manage their money.
This comes at a time when there is an extreme lack of financial self-assurance amongst the public with around half of young people (12-17-year-olds) and around half of parents not confident in money management.1
The letter to the Prime Minster coincides with the release of the new evaluation of the industry supported KickStart Money programme, delivered by The Quilter Foundation’s charity partner, MyBnk. The evaluation finds 2 out of 3 primary aged children were actively working towards a savings goal after receiving financial education lessons.
KickStart Money is a coalition of 20 savings and investment firms with a mandate to transform the savings behaviour of a generation. KickStart Money are committed to funding the provision of innovative and interactive financial education for 20,000 primary school pupils over 3 years.
Stewart Perry, Head of Responsible Business and a representative of KickStart Money programme said:
‘This new polling shows the support from the British public for financial education in primary schools and the year 2 evaluation of the KickStart Money programme proves that it works. Now Government needs to act before another generation is let down by insufficient financial education.
‘One in five adults have less than £100 in savings or investments and 10.7 million rarely or never save.2 This is a crisis that can be averted. We know that if we teach children at the right age then financial education can be effective. We as a nation can’t afford not to tackle this issue.’
1 MAS, The Financial Capability of Children and Young People, 2016
2 MAS, Financial Capability Survey, 2018
‘It is essential that we include financial education as a compulsory element of the primary school curriculum to prevent children leaving education with no understanding of how to manage their finances.
‘We need the Government to act now to protect the futures of the 4.73 million primary children across the UK.’
A better future for the generations of tomorrow
Working with KickStart Money and The Quilter Foundation’s charity partner MyBnk, we are committed to empower young people to manage their money well for life. This commitment is part of our Shared Prosperity Plan, which how Quilter will grow responsibly and help people prosper. To find out more, click here.