In a recent article published by FTAdviser on May 20, 2025, industry experts have called on policymakers to prioritize lifelong financial education.
This comes in response to the Financial Conduct Authority’s (FCA) revelation that 13 million adults in the UK exhibit low financial resilience.
Financial resilience refers to the ability to withstand financial shocks, such as unexpected expenses or loss of income. The lack of this resilience among a significant portion of the population underscores the urgent need for comprehensive financial education.
The Impact on Young People
Young individuals are particularly vulnerable in this landscape. A study by Santander UK revealed that only 26% of young adults aged 18-21 received any financial education at school. This suggests that approximately 4 million young people completed their education without essential money management skills.
Without proper financial education, young people may struggle with budgeting, saving, and understanding credit, leading to long-term financial instability.
Calls for Curriculum Reform
Organizations like MyBnk have urged policymakers to prioritize financial literacy in schools. Polling indicates that financial education tops the list of subjects parents and students want more of. Specifically, 34% of Key Stage 4 learners and 43% of parents seek greater focus on finance and budgeting.
Despite this demand, financial education has not been made a priority in the government’s curriculum review.
MyBnk’s CEO, Leon Ward, emphasized the need for clarity from the Department for Education on its priority areas, especially as the interim report’s key areas are likely to shape the outcomes of the final review.
The Need for Early Intervention
Research indicates that financial habits are formed early in life.
A study highlighted that 84% of children aged 6 to 18 want more practical financial skills taught in schools, such as budgeting, earning, and understanding taxes.
Integrating financial education into the curriculum from a young age can equip students with the tools they need to make informed financial decisions, fostering long-term resilience.
Conclusion
The current state of financial resilience in the UK highlights a pressing need for comprehensive financial education.
By integrating financial literacy into the education system, we can empower young people with the knowledge and skills necessary, to navigate the complexities of personal finance, ultimately fostering a more financially resilient society.
It’s time for policymakers, to heed these calls and take decisive action to prioritize financial education, for the benefit of future generations.
https://insidesuccessmagazine.com/category/politics
Zita Salum, a British, Tanzanian journalist with a London heart, is making waves in the world of media. Born and Raised in Hackney London, she discovered her passion for storytelling at a young age. Her journey began as an admin for the Inside Success magazine, but her talent quickly shone through. Zita's ability to craft compelling narratives and her knack for capturing the essence of a story led her to become an editor for the magazine.
From there, her career soared. Zita has contributed to a diverse range of publications, including the prestigious W magazine, showcasing her versatility as a writer. Her expertise spans across industries such as music, corporate, political, sports, arts, and fashion. Beyond her written work, Zita has also excelled in broadcast journalism. Her natural ability to connect with interviewees and her engaging hosting style have made her a sought-after talent in the industry.
In her free time, Zita is a dedicated networker, attending industry events and immersing herself in the latest trends. She is also passionate about investigative journalism and has produced creative documentaries that shed light on important issues. With her talent, drive, and unwavering commitment to her craft, Zita Salum is undoubtedly a rising star in the world of journalism.
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