Financial education to become compulsory in primary schools
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Children as young as five will “learn more about the fundamentals of money” under changes announced on Tuesday that will make Citizenship a compulsory subject from year 1. The new curriculum will be implemented for first teaching from September 2028.
The changes will be made in response to a Curriculum and Assessment Review by Prof Becky Francis published on Wednesday, which said that financial education should not be delayed until “later life”. Prof Francis therefore recommends making Citizenship, including the financial education elements, part of the national curriculum for school years 1 to 6. She said financial education includes understanding core financial concepts such as budgeting, debt, interest, mortgages and pensions.
Education secretary Bridget Phillipson said: “It has been over a decade since the national curriculum was updated, and it’s more crucial than ever that young people are equipped to face the challenges of today, so they can seize the exciting opportunities that life has to offer.”
The National Education Union’s general secretary Daniel Kebede has welcomed the curriculum principles in the review and their focus on preparing young people for their futures.
The changes will be made in response to a Curriculum and Assessment Review by Prof Becky Francis published on Wednesday, which said that financial education should not be delayed until “later life”. Prof Francis therefore recommends making Citizenship, including the financial education elements, part of the national curriculum for school years 1 to 6. She said financial education includes understanding core financial concepts such as budgeting, debt, interest, mortgages and pensions.
Education secretary Bridget Phillipson said: “It has been over a decade since the national curriculum was updated, and it’s more crucial than ever that young people are equipped to face the challenges of today, so they can seize the exciting opportunities that life has to offer.”
The National Education Union’s general secretary Daniel Kebede has welcomed the curriculum principles in the review and their focus on preparing young people for their futures.
However, Kebede suggested schools cannot compensate for all societal issues: "The elephant in the room is the lack of investment in education and the social conditions of children and young people. Poverty is the central barrier to improving education outcomes. No amount of in-school reforms can surmount this. Children should not be growing up in poverty and government action to reduce child poverty is overdue. Likewise, school funding is in a dire state, with 86% of schools seeing real terms cuts in 2025/26. If the government were serious about unleashing opportunities, they would not tolerate this situation."
Some in the financial sector have also welcomed the news. Carol Knight, chief executive of the Investing and Saving Alliance, said teaching children about money is like explaining the rules of a game they are already playing.
"With greater understanding, they can take part with confidence rather than uncertainty," she said. "Children encounter spending, digital payments, advertising and influence before they can even spell money, and they deserve the tools to navigate those experiences. This review rightly recognises that financial education is a core life skill, not an optional extra."
Financial education is already on the secondary school curriculum, and the Money and Pensions Service has a target of ensuring 2m more children and young people receive “a meaningful financial education”.
Some in the financial sector have also welcomed the news. Carol Knight, chief executive of the Investing and Saving Alliance, said teaching children about money is like explaining the rules of a game they are already playing.
"With greater understanding, they can take part with confidence rather than uncertainty," she said. "Children encounter spending, digital payments, advertising and influence before they can even spell money, and they deserve the tools to navigate those experiences. This review rightly recognises that financial education is a core life skill, not an optional extra."
Financial education is already on the secondary school curriculum, and the Money and Pensions Service has a target of ensuring 2m more children and young people receive “a meaningful financial education”.
The latest curriculum review cites research that found 71% of 7 to 17-year-olds make online purchases, with most (67%) of those who have bought online having done so without adult supervision. It does not provide a more detailed age breakdown of this 10-year range.
The review also points out that financial education at home varies according to children’s background, and that young people may have to make significant financial decisions early on, such as deciding whether or not to apply for a tuition fee loan for higher education.
In 2023, the government attempted a numeracy push, with former prime minister Rishi Sunak setting an ambition for all pupils in England to study some form of maths until age 18. The UK was then one of the only OECD member states that did not require maths to be taught until age 18.
Numeracy levels in England are not as low as some have suggested; a research report about adult skills, published in December 2024, found England’s numeracy score has increased significantly since 2012, with adults in England scoring significantly above the OECD average. Within the G7, only Japan and Germany performed better.
The review also points out that financial education at home varies according to children’s background, and that young people may have to make significant financial decisions early on, such as deciding whether or not to apply for a tuition fee loan for higher education.
In 2023, the government attempted a numeracy push, with former prime minister Rishi Sunak setting an ambition for all pupils in England to study some form of maths until age 18. The UK was then one of the only OECD member states that did not require maths to be taught until age 18.
Numeracy levels in England are not as low as some have suggested; a research report about adult skills, published in December 2024, found England’s numeracy score has increased significantly since 2012, with adults in England scoring significantly above the OECD average. Within the G7, only Japan and Germany performed better.
However, there is also evidence that this does not always translate to real-life skills. For example, past user research about the pensions dashboards found that many people did not interpret the figures presented to them on dashboards accurately, paying little attention to whether a number represented pot size or annual income.
