• Fortem FE

'Why isn't Financial Education taught in schools?' - Here are some of the reasons...

The subject of Financial Education, Financial Literacy and Personal Finance is one that seems to open a debate whenever we introduce the concept to people...with the debate being 'Why isn't it being taught in schools?'. 


Unknown to many, Financial Education has been on the National Curriculum since 2014 but has not had the impact that many people believed it would have and for those that are being taught, which are typically from secondary school ages from 11-16, it has been asked, why isn't it being taught earlier?


We have spoken about this subject at different levels from Junior school level to Secondary school and there is a similar message which comes across which is that there are two key factors that can make this subject particularly difficult.  Firstly, it is the wide landscape of the subject and where do you start with 'finance'.  Do you look at an overview of personal finance?  Money Management? Savings Types? Borrowing Types?  Tax?  Maybe you break it down into more lifeskills based sessions such as ensuring children know what the difference between a Debit and Credit card is.  Maybe helping pupils to understand what information will be on a payslip and what National Insurance and Tax actually is - there is such a wide ranging amount of information it is hard to know where to start.


The other potential issue is how often the components of 'Finance' change.  For example, when we spoke to a Headteacher

of a school we have recently helped, they said 'when we teach History and other subjects, the actual subjects stay constant.  For example, in history, it doesn't matter how many times we teach Henry VIII, he always had the same number of wives, the Great War has a fixed start and end date.  With finance, it changes year on year at either tax year or budget and it is hard to keep up to date.'


It is easy to see the difficulties that the Education system face with this subject, it is such an important subject that can be very simple and at the same time very complicated, but the simple fact is, the more education that is given, at whatever level, the more confident we will all become with the subject of money which will allow us to all seek advice and make the most of our money.


The other potential issue is how often the components of 'Finance' change.  For example, when we spoke to a Head teacher of a school we have recently helped, they said 'when we teach History and other subjects, the actual subjects stay constant.  For example, in history, it doesn't matter how many times we teach Henry VIII, he always had the same number of wives, the Great War has a fixed start and end date.  With finance, it changes year on year at either tax year or budget and it is hard to keep up to date.'

  • YouTube - Grey Circle
  • Grey Twitter Icon

Follow Us

© 2018 by Fortem Financial Education Limited | 01256 345630 | Hampshire | London | Kent & Nationwide 

Company number 11196414.

Registered Office : Worting House Church Lane, Worting, Basingstoke, United Kingdom, RG23 8PX