Most teachers believe money matters should be added to subjects including physical, social, health and economic education (PSHE) and citizenship.
That opinion was held by 75% and 40% of the teachers surveyed by Young Enterprise, which included over 3,000 working in primary schools and 6,000 from secondary schools.
The study was undertaken as part of Talk Money Week, which looks to improve the open and honest conversations people have about their finances.
As it stands, pupils in England are taught financial education as part of the curriculum in secondary schools only, with lessons on budgeting, credit, debt, insurance, pensions and savings.
For younger children in primary schools, the lessons are not mandatory, but there are some lessons on money taught as part of PSHE.
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Wales incorporated the matter to be part of the curriculum for both primary and secondary schools in 2022. In Scotland, financial capability is taught up to the age of 14, as is the case in Northern Ireland.
Financial literacy taught in schools was made mandatory in 2014 for schools in the UK, with the ages and topics of the teaching devolved to each country in the UK.
Last year, a separate study from Talk Money Week founder Money and Pensions Service found that fewer than half of children aged between seven and 17 received meaningful financial education either at home or school.
The service estimated 5.4 million children lack the knowledge they need in adulthood.
‘Financial education as more than just maths’
Russell Winnard, chief operating officer at Young Enterprise, said: “Too often, questions to the Government about how they can do more to support young people’s financial capability are consistently routed back to maths provision, with limited consideration of the role of other subjects in developing financial capability.
“The Curriculum and Assessment review is a rare opportunity to elevate financial education without overburdening teachers. Training and resources exist for effective delivery, but uptake will remain low until the Government explicitly recognises financial education as ‘more than maths’.”
As part of Talk Money Week, Russel Miles, personal finance commentator at Charles Stanley, shared five tips on how to teach your children and grandchildren about money.
Five money-teaching tips for kids:
1. Help them learn the cost of living
Teaching children how money is a finite resource is a valuable lesson to learn. To spend it, you have to earn it, and that means making choices. Set aside a sum of money and ask them to balance the family budget for a month. Tell them how much the utilities cost and then ask them to assign the remaining budget between grocery shops, takeaways, clothes, cinema trips, sports clubs, and saving for a holiday. Allow them to do the online shop so they get used to how much things cost in the real world.
At the end of the month, talk to them about their experiences and what they learned. How much money was left? Could they have spent less, and how?
2. The value of money
Let your children see how many hours it takes to earn a certain amount of money; encourage them to do household chores in exchange for their weekly spending money – wash the car, mow the lawn, empty the dishwasher, tidy up, dust, and vacuum their room. Show them where they fit and how they can help the family unit. Many families seem to have lost the value of this. This is a vital way of teaching your children responsibility and accountability.
3. Saving
Get them interested in putting a regular amount of money aside. Price comparison websites can help here as they provide information on the best savings rates for children’s accounts.
Teach them the difference between holding cash on deposit and investing for a better long-term return. But alongside that, teach them that returns can be ‘jumpy’ and not to lose faith but to focus on the longer term.
Sometimes a good old-fashioned money box can help children feel the importance of saving and make them responsible and ultimately more grown-up.
4. Money scam
Children are now much more tech-savvy, but also more casual about sharing their personal information online. Warn them about the dangers of doing this and let them know that a bank or financial institution would never ask them to divulge their personal information.
5. Short-, medium- and long-term plans
Above all, spend time teaching your children everything you have learnt in life. It doesn’t have to be all at once. But make a list of the things you wished you’d known about at certain stages in your life. Then assess when you think each child is ready for the next lesson. Just try not to leave it until the moment after they needed that advice.
Show them the importance of saving in the short, medium, and long term. Teach them about the merits of pensions and investments. Teach them how to plan their futures. Help them set life goals and discuss the potential amounts of money needed to achieve each stage and how long and how much they will need to save to reach each milestone.
