The Ineffectiveness of Financial Education on the National Curriculum

The inclusion of financial education in the national curriculum has been met with criticism from consumer advocate Martin Lewis, the founder of MoneySavingExpert.com. Despite his advocacy for financial education in schools, Lewis expressed disappointment with the government’s lack of resources to support the teaching of this subject. He argued that the inclusion of financial education in the curriculum has been “counterproductive” and has not significantly improved the level of financial literacy among students.

According to Lewis, the resources allocated to support financial education in schools have been inadequate. Volunteer groups and organizations that previously funded and provided support for financial education in schools have reduced their contributions since it became part of the curriculum. Additionally, free schools and academies in England are not required to follow the national curriculum, further limiting the reach of financial education.

In his testimony to the Commons Education Committee, Lewis emphasized the need for proper textbooks, digital resources, and teacher training to effectively deliver financial education in schools. He expressed his disappointment with the lack of government investment in this area and highlighted the importance of ongoing teacher training to ensure the quality of financial education.

As a result of the insufficient resources provided by the state, Lewis personally donated money to fund a financial education textbook for schools. He pointed out that the government’s failure to provide adequate resources for financial education in schools is a political shortcoming and emphasized the necessity of comprehensive educational materials and training for teachers.

A recent survey conducted by the Money and Pensions Service revealed that the majority of teachers believe that most pupils leave school without acquiring essential financial skills. This further highlights the inadequacy of financial education within the national curriculum and the need for substantial improvements in this area.

Schools minister Damian Hinds, who also gave evidence to the committee, acknowledged the importance of financial education and expressed his gratitude to Lewis for funding the financial education textbook for school pupils. He stated that while there is non-statutory national curriculum content in citizenship and financial aspects of mathematics in infant and junior schools, there is still room for improvement in delivering financial education to students.

Hinds emphasized the government’s commitment to enhancing financial education and acknowledged the need for students to find it useful and memorable. He expressed his support for expanding financial education in primary schools to reach younger children and highlighted the opportunity to simplify the process for teachers to access the best resources for teaching financial education.

In conclusion, the effectiveness of financial education on the national curriculum has been called into question by Martin Lewis and other experts. The lack of resources, inadequate teacher training, and limited reach of financial education in schools demonstrate the need for substantial improvements in this area to ensure that students develop essential financial skills.