A new report from the All-Party Parliamentary Group (APPG) on Financial Education for Young People has found that no UK nation provides sufficient financial education in schools and colleges. This extensive review of the education system finds areas for urgent improvement in all four nations
The report explores why 53% of young people in the UK currently leave school without having received meaningful financial education (Money and Pensions Service), more than a decade after the subject was added to national curricula across England, Northern Ireland, Wales and Scotland.
The report, Laying Firm Foundations: Financial education in schools and colleges across the UK and the opportunities of devolution, highlights persistent gaps in provision across the UK, including:
- No universal post-16 offer – young people receive little or no financial education as they transition into independence.
- Failure to reflect the digital economy – curricula are not keeping pace with the realities of digital transactions, online spending, gaming and scams.
- Lack of accountability – no UK nation robustly measures what young people learn or inspects delivery in schools.
- Regional inequality – provision remains patchy, creating a postcode lottery of opportunity.
The APPG warns that current approaches are insufficient to prepare young people for adult life and calls for urgent, coordinated action. The report calls for a Financial Education Youth Guarantee; including financial education at every stage of learning; Financial Education Champions in every school; establishing a national financial education resource hub; and for the UK to join the OECD PISA international study of financial literacy in 2029 to monitor and track delivery.
The report also highlights examples of positive practice and recent developments in areas of the UK that show promise, giving examples of what should be scaled up to support schools, colleges and teachers deliver meaningful financial education.
Chair of the APPG, Jerome Mayhew MP, said:
“It was hoped that including financial education in the national curriculum in 2014 would solve the problem. A decade on, provision remains patchy at best. We must act now to reduce the 53% of young people leaving school without financial education down to zero.”
Vice-Chair, Claire Hazelgrove MP, said:
“Financial education is currently a postcode lottery, and so is equality of opportunity. This report provides a credible set of recommendations to change that, and to ensure every young person leaves school prepared for the financial realities of life.”
Sarah Porretta, CEO of Young Enterprise, Secretariat to the APPG, said:
“I commend the APPG for leading this work. Now we must ensure that we set the bar high as a nation and ensure that every young person, whatever their starting point, and wherever they live.”
Jane Rawnsley, Group Head of Corporate Responsibility at M&G plc, who supported the inquiry, said:
“Inconsistent financial education can negatively impact later life financial decision-making and outcomes for individuals. The practical findings of the APPG research present a meaningful opportunity to ensure a more secure and financially resilient future for all young people.”
The report urges government, devolved administrations, inspectorates, local authorities and schools to collaborate on a UK-wide vision for financial education, ensuring all young people have the knowledge and skills to make informed financial decisions.
