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.
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