Financial education has been on the national curriculum for secondary schools in England for a decade, yet research shows less than half of young people receive it at school, and over half of teachers aren’t even aware it’s on the curriculum.
Currently, only 20 per cent of secondary schools are required to follow the national curriculum, but with the government’s review set to expand this mandate to all state schools, we’re on the brink of a golden opportunity to underscore the importance of financial literacy and rethink how it is taught and assessed.
Rather than limiting financial literacy to standardised tests, project-based and practical assessments offer a more flexible, relevant approach. Young Enterprise supports these reforms to make financial education engaging and practical, preparing young people for real-life financial decisions.
With 23 million people in the UK considered to have poor financial literacy, stronger support for teachers and students to ensure every young person receives essential financial knowledge before leaving school is vital to a fairer, more equitable future for all.
Barriers to overcome
Currently, direct references to financial education in the national curriculum are limited to a single bullet point under Citizenship and a few topics in mathematics, like percentage changes and loan repayments.
This minimal presence leaves teachers without a structured pathway to build students’ financial understanding. Research conducted by Young Enterprise highlights the lack of a government-endorsed framework as a significant barrier for educators.
Additionally, research from the APPG on financial education for young people shows that many teachers feel under-trained in delivering effective financial lessons. Fifty-five per cent find it challenging to teach, and time pressures add to these difficulties.
A national framework
With training top of minds, imagine educators having access to an adaptable financial education framework across age groups. Such a framework could guide teachers on essential topics while offering flexibility to adapt lessons to students’ needs.
The financial education planning frameworks created by Young Enterprise in collaboration with teachers provide a model for this, covering ages three to 19 with themes like managing money, becoming a critical consumer and understanding financial risks.
Introducing a similar approach nationwide would ensure that financial education is accessible throughout every learner’s school journey.
Real-world impact
Applied learning – teaching students to apply financial concepts practically – should be central to this approach. Instead of abstract maths problems, young people can develop skills through activities like budgeting for an enterprise project, demonstrating financial decision-making in real contexts.
In our survey of over 9,500 teachers, 90 per cent said financial education should be taught in multiple subjects beyond maths, like PSHE and citizenship.
Beyond exams
Assessment is another area where reform can strengthen financial education. Given that financial literacy is best embedded across multiple subjects, a standardised test may not be the most effective method.
Project-based assessments or practical applications can gauge understanding without restricting financial capability to a formal exam setting. This aligns with AQA’s recent emphasis on practical maths, and research shows that when financial education feels relevant, students are more engaged and their attainment improves.
By creating flexible, practical assessments aligned with the curriculum, such as through enterprise education, we can ensure that young people leave school financially literate and prepared for adulthood.
Building a national strategy
To create a financially capable generation, the department for education must consider embedding financial education as a cross-curricular theme as it does, for example, with sustainability, which is woven through science, geography and citizenship.
Such an approach would connect financial knowledge across subjects, preparing students for the real-life financial challenges they’ll encounter.
A new national financial education strategy developed in partnership with government, educators and financial education organisations could build on the existing elements in citizenship, PSHE and mathematics, while expanding financial learning opportunities.
With a structured, applied and cross-curricular approach at every age and stage, financial education can empower young people with essential life skills, building a foundation for personal and professional success.
