Cash Before Calculus – Parents Demand Financial Literacy Over Maths in Schools

In an era where financial knowledge and understanding is increasingly tied to life success, the importance of financial education has never been more pronounced. Historically, schools have emphasised traditional subjects like maths and science, often at the expense of practical life skills such as personal finance. However, a new survey conducted by Nationwide highlights a growing consensus among parents: financial literacy is essential for the next generation’s success, even more so than subjects like maths and digital skills.

Key Findings from Nationwide’s Survey

The survey, which polled 2,000 parents of children aged 8-13, asked which subjects were most valued:

1. Literacy (66%)
2. Personal finance (59%)
3. Maths (51%)
4. Cooking (41%)
5. Digital skills (26%)

The survey revealed a number of other key insights, including:

• High value on financial education. An overwhelming 96% of parents believe that personal finance education is important for young people to understand.
• Lack of financial education in schools. Despite its perceived importance, 84% of parents reported that their children have not received any personal finance education in school.
• Regional priorities. In cities like Brighton, Belfast, and Newcastle, personal finance is viewed as the most important subject, outranking others by a significant margin.
• Practical knowledge gaps. Of the minority whose children did receive financial education, lessons predominantly focused on saving (66%) and budgeting (50%), with less emphasis on critical areas such as debt management (27%) and understanding taxes (19%).

How to Address Financial Education in Schools

So, what’s the answer to address the lack of financial education in schools? Here’s a quick overview of our action plan:

• Curriculum. Financial education should become a mandatory part of the national curriculum as a stand-alone subject, not as a small add-on to the maths curriculum. In primary education, teachers should introduce basic financial concepts such as saving, spending, and understanding the value of money. This should be expanding throughout secondary education to cover more complex topics like budgeting, credit, debt management, and taxes.
• Teacher training. Provide professional development for teachers to ensure they are well-equipped to deliver financial education effectively.
• Partnerships. Develop partnerships with financial businesses, institutions, educational charities and consumer organisations to develop resources and utilise guest speakers.
• Parental involvement. Encourage parents to participate in workshops and seminars to reinforce financial lessons at home. Parents should be provided with financial guides and resources to teach financial literacy in everyday situations.
• Practical learning opportunities. Simulate real-life financial scenarios in the classroom, such as managing a mock bank account or budgeting for a project.
• Field trips. School trip to banks, insurance companies, stock exhanges and other financial institutions should be organised to give students hands-on experience and real-world experience of the world of finance.
• Assessment and feedback. Implement regular assessments to gauge students’ understanding and adjust the curriculum as needed. In addition, schools should collect feedback from students, parents, and teachers to continually improve the financial education programme.

Summary

Nationwide’s survey underscores a significant shift in educational priorities, with parents advocating for a stronger emphasis on personal finance education in school curricula. Financial literacy is no longer seen as an afterthought, but a core life skill essential for future success. By integrating financial education into the curriculum, providing proper teacher training, and encouraging parental involvement, we can equip young people with the knowledge and confidence to navigate the financial world effectively.

If you would like to talk about any of the issues in this article or need more general help with your finances, please get in touch with us.

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