COLLEAGUES from the Warrington branch of the Yorkshire Building Society delivered free financial education lessons to over 665 children and young people in the local area last year, supporting the mutual’s call for all children in the UK to receive formal financial education at school.
Provision of financial education differs across the nation, with Scotland and Northern Ireland having financial capability or financial education on the curriculum from primary school, however, this is not the same in England where financial education is only on the national curriculum for secondary school children.
Recent research from Yorkshire Building Society suggests less than half (42%) of 16–27-year-olds recall ever receiving any financial education in secondary school1 despite it being on the national curriculum since 2014. To support the delivery of financial education in schools, the Society delivered face-to-face financial education sessions in classrooms across the country through its flagship Money Minds programme. Money Minds sees the Society’s colleagues – including those in Warrington – volunteer their time to deliver a series of lessons to teach children and young people of all ages and abilities about money.
Making financial education accessible to all children and young people whilst improving what is included in the curriculum could help to boost people’s long term financial wellbeing. Yorkshire Building Society’s Saving Generation Z report1 showed over a third (39%) of young people said they lacked the knowledge to make important financial decisions, but those who said they had received financial education at school were more likely to say they felt knowledgeable about key financial concepts such as tax (+11%pts), debt (+9%pts), and mortgages (+8%pts), than those who did not.
The research also showed that half (50%) of Brits believed that receiving financial education at school would have made their finances better and half (52%) got their financial advice from family members.
Chris Irwin, director of savings at Yorkshire Building Society, said: “Helping people with their financial wellbeing is at the heart of our purpose as a building society. We know that people who engage in positive financial behaviours such as saving are generally less anxious about money, and have greater life satisfaction overall.
“We also know that delivery of financial education across the UK is inconsistent, and that is why our colleagues have been out to schools and youth organisations to deliver financial education lessons to thousands of children and young people in the last year – including 665 in the Warrington area.
“Our research shows most young people rely on family to learn about money, meaning those from less financially savvy families may be at a disadvantage. There is an opportunity for us to help future generations have the best start in life, by teaching them important life skills and core financial information at school.
“Delivering financial education consistently in schools, from a younger age, and in a way that helps people have the knowledge to deal with real-life issues, will help more people have a good foundation in life to face the future and its challenges, with confidence and optimism.”Yorkshire Building Society has submitted recommendations to the government’s Curriculum and Assessment Review to improve the provision and depth of financial education for all pupils across the UK. The Government is set to publish a report early in 2025 outlining key themes and initial recommendations to be explored, before a full report will be published in autumn 2025.
Since the Society launched Money Minds in 2015 more than 70,000 children and young people in the UK have benefitted from a lesson. For parents, teachers and 11-19 year olds, the Money Minds online platform offers free resources covering topics such as keeping money safe, budgeting, making good choices, lending and borrowing, fraud and scams, what employers want, and relationships and money.