Research has shown the positive impact that financial education can have on the financial literacy of children and young people, but how can schools be empowered to foster financial wellbeing? Financial adviser and former teacher, Nicola Reynolds, outlines her top tips to introduce practical, engaging learning in the classroom to help give children the confidence to make informed decisions about saving, spending, and budgeting.
Three in four teachers say most students leave school without essential financial skills, yet all agree that money management should be taught and most believe it should start in primary school1. Despite this, less than half of children currently receive a meaningful financial education. With the UK’s future financial wellbeing “hanging in the balance”, as stated by the Money and Pensions Service just last month (February), this would suggest that urgent action is needed. Shockingly, 23.3 million UK adults have poor financial literacy, according to Aberdeen’s ‘Savings Ladder Index’, making them £20,000 worse off compared to those with good financial literacy2. If we want to equip the next generation with the right tools and strategies to navigate an increasingly complex financial world, schools, parents, and institutions must come together to close the gap…