GoHenry, the prepaid debit card and financial education app for six to 18-year-olds, has launched its manifesto outlining how the next Government can improve the delivery of financial education in schools.
With UK political parties’ preparations for a general election on 4 July well underway, GoHenry has outlined 10 key recommendations for making financial education work for young people. Its new manifesto comes as 84 per cent of kids and teens say they would like to learn more about finance while in school.
The financial education app suggests it is imperative to ensure financial education is taught in all schools, both primary and secondary, and that lessons include both practical and theoretical elements.
GoHenry’s manifesto also recommends that financial education becomes a statutory part of the Personal, Social, Health and Economic (PSHE) syllabus.
GoHenry’s ongoing campaign for all young people in the UK to receive a consistent level of financial education in schools has found broad cross-party consensus on the need for improvement, as illustrated by the findings of the recent Education Select Committee inquiry on this issue. The findings said that current provisions in schools are lacking and also urged the government to make financial education compulsory from primary school.
‘A quick win’ for elected party
GoHenry says young people, parents, teachers, education charities and employers all want this to happen, and its financial education manifesto lays out a clear roadmap on how to deliver financial education in schools, as well as ensure young people in England are equipped with this essential life skill.
Louise Hill, co-founder and CEO of GoHenry, commented on the launch of the financial education manifesto: “The next government has a golden opportunity to enhance financial education provisions and secure a brighter future for young people across the country, and it is imperative that we maintain momentum on this critical issue despite the distraction of the general election.
“Our manifesto outlines how we feel this can be delivered in a simple, efficient, and effective way, without the need for significant public spending, primary legislation, or overburdening teachers. All of which would be a quick win for whoever comes into power.
“More importantly, young people want to learn. I hope that whichever party forms the next government takes note of these important voices and gives them access to the practical money skills they need – and want – to navigate the adult world successfully.”
Recommending change
GoHenry’s 10 recommendations within its manifesto are as follows:
- Financial education must be taught in all primary schools.
- Financial education must be compulsory in all secondary schools, not just those that follow the curriculum.
- Financial education must include practical elements, not just theoretical lessons, to ensure children of all ages engage with it.
- Additional elements of financial education are welcome in the maths curriculum, but we can’t rely on maths alone.
- Financial education should be a statutory part of the PSHE syllabus: a change that can be made fast, without any primary legislation.
- Financial education should be taught using a Bikeability-style external delivery model to ensure consistency, as well as high-quality lessons.
- In the long-term, teachers should be given the time, resources and training to deliver financial education lessons themselves – with support from external delivery providers to provide practical experience and add colour to lessons.
- External delivery organisations should be subject to oversight and quality control from an independent body.
- Dormant Asset Scheme funding should be used to establish a financial education external delivery model at the earliest opportunity.
- The Oak National Academy should also be used as a repository for wide-ranging financial education resources that all teachers can access.
