Ahead of the autumn budget 2024, we are calling on the government to improve funding for the delivery of quality financial education in primary schools
Financial literacy is an essential life skill. And yet in England financial education is not prioritised in the primary school curriculum. We want to see meaningful investment and long-term support for schools and teachers in delivering this essential education, ensuring that no child misses out.
Lack of financial education not only affects individual futures but can also contribute to broader economic inequality. The government cannot achieve its manifesto commitment to break down barriers to opportunity and deliver a modern curriculum so young people are ready for work and life without supporting teachers to deliver quality, unbiased financial education.
Given the potential impact of financial literacy on future financial wellbeing, it is essential that we commit to a sustained investment in financial education for young people, starting in primary school.
The skills and values we use to manage money are developed as early as ages 3 to 7. Despite this, just 47% of children have received meaningful financial education at school or at home, leaving millions without core life skills. Financial education is more common for children living in higher income households or in urban areas, and and our research demonstrates that over half of teachers in Alternative Provision settings are not delivering financial education at all.
Without a solid foundation in financial literacy, future generations risk being ill-prepared to navigate the increasingly complex financial landscape, from managing credit to understanding pensions and investments. This can have profound and long-term consequences, impacting financial wellbeing and overall quality of life as young people move into adulthood.
Financial literacy is not only a skill – it’s an essential for lifelong wellbeing. Every child deserves to access this vital education, regardless of where they live or how they learn.
While we hope the upcoming curriculum review will deliver significant reform and investment over the long-term, we ask the government to consider the following immediate actions to support the financial education of primary school children:
Invest in quality financial education resources and providers
Financial education is not included in the national curriculum for primary schools in England. As a result, it is often deprioritised by schools who are already struggling with lack of funding and packed curriculum requirements.
“Financial education cannot be only available to benefit children who are attending schools that are personally funded. There is a massive drop in schools budgets year on year and the harsh reality is that those children in the most deprived areas will need this education the most and are least likely to get it. All children deserve to benefit from this focus in education to equip them with the skills to realise success and reward in their future lives.”
Director of Primary, Horsham, West Sussex, South East
The government has committed to review the curriculum and increase support for teachers, promising to break down barriers and help prepare young people for work and life.
To achieve this goal, we urge the government to ensure that investment is directed into quality financial education resources that can be provided to schools at no additional cost, helping teachers to embed money lessons into their existing lessons without causing additional work and stress.
With proper curriculum support and guidance from experts in the field, we can shape a future where financial education is no longer an add-on but a fundamental part of every child’s education.
2. Increase training and support for primary school teachers
Teaching financial literacy can be daunting, especially for primary teachers who are already stretched across a packed curriculum. Many teachers express that they don’t feel confident teaching financial topics, often due to a lack of training and resources.
JFF demonstrates that equipping teachers with training and resources to deliver money lessons is a scale-able and sustainable model for financial education provision, requiring fewer repeat visits and allowing external education experts to focus on new resource development and ongoing support. Teachers know the unique needs of their pupils and can tailor learning to individuals. They will also be able to maximise opportunities within the wider curriculum for revisiting and recalling previous learning.
Increased funding for training would allow teachers to build the knowledge, confidence and skills they need to deliver engaging and impactful financial education. In a recent survey of our participating schools, 95% of teachers reported feeling confident about delivering financial education after engaging with our programme.
We’re calling on the government to invest in continuing professional development focused on delivering effective financial education. By investing in teacher training, we can ensure that every teacher is empowered to make financial education a core part of their students’ learning journey.
3. Invest in tailored resources for children experiencing additional learning needs
Not all children experience money in the same way, nor do they learn in the same way. To ensure that every child, regardless of their individual learning needs, has the opportunity to build essential financial skills, we must invest in resources specifically tailored for children with additional learning needs.
Recent research from JFF indicates that 64% of surveyed alternative provision (AP) teachers are not teaching financial education at all. The main barrier for educators in these settings is the lack of resources that engage learners with additional needs.
For students with additional social, emotional and behavioural challenges, standard financial education resources may not be accessible or effective without adaptation. Tailored resources – such as speaking and listening exercises, interactive digital tools, use of outdoor space and durable materials – can make a profound difference in their ability to grasp and retain key financial principles.
JFF has already adapted existing resources and created new activities for children with different learning needs, and other organisations are beginning to provide additional support. But our sector needs additional funding to get these resources into the hands of the teachers and children who need them.
We urge the government to dedicate a portion of financial education funding towards the provision of inclusive, accessible resources. By doing so, we can empower all children, including those with additional learning needs, to participate fully in financial education, giving them the confidence and skills to manage their finances confidently as they grow.
Sarah Wallace, Director at Just Finance Foundation, said: “This government must demonstrate that our children’s future financial wellbeing is a priority. By investing in quality resources, teacher training, and inclusive financial education tailored to every child’s needs, we can equip the next generation with essential life skills.
Financial literacy isn’t a luxury; it’s a necessity for building a fairer, more financially secure society. It’s time we ensure that every child, regardless of background or ability, has access to this vital learning.”