In England, the implementation of financial education in schools, mandated in 2014, has faced criticism from Martin Lewis, a well-known consumer advocate. Despite being added to the national curriculum, Lewis has voiced concerns over the insufficient support and resources provided to schools, negatively impacting the quality and consistency of financial education across the country. He highlighted the lack of proper textbooks, digital resources, and teacher training as primary issues, noting that despite his efforts to donate a financial education textbook through MoneySavingExpert.com, the government has fallen short in adequately bolstering this area of education.

Lewis’s comments came during appearances before the House of Commons education select committee, where he described the current state of financial education as a “pyrrhic victory,” emphasizing the fragmented syllabus and resource cuts to private providers previously involved in financial education. The landscape of education in England, characterized by academies, free, and private schools not mandated to follow the national curriculum, further complicates the uniform delivery of financial education. This has led to disparities in what students learn about finances across the country, with Lewis and others raising concerns that many children may miss out on learning essential financial skills.

Amid these challenges, the importance of enhancing financial literacy from an early age has been recognized. Initiatives like the Financial Times’s Financial Literacy and Inclusion Campaign advocate for improved financial education provision, stressing the need for modern resources to help teachers effectively impart financial knowledge. In response to the criticisms and the acknowledged need for more robust financial education, Damian Hinds, the School Minister, has suggested integrating Advanced British Standard financial education within maths subjects and has expressed an intent to extend financial education to primary school students. The government aims to ensure an additional 2 million children receive a “meaningful” financial education by the decade’s end, despite challenges related to teacher resources and time constraints.

Lewis has called for the appointment of financial education coordinators within schools to promote a more systematic approach to teaching financial literacy, highlighting the essential role of financial knowledge for future financial well-being. As discussions about improving financial education in England’s schools continue, there is a clear call for better support, resources, and a unified approach to teaching this critical subject to young people across the country.