Unlock the Secrets of Money with the FT's Financial Literacy Campaign

Section 1: The Early Awareness of Money

Take a 10-year-old like Sawyer, for example. Just seconds are needed for him to answer that tax is a subject he wants to learn more about. In the run-up to the UK Budget, Sawyer is encountering this word more frequently and even hearing his parents discuss it. It shows that Generation Alpha has a burning desire to understand money from an early age. A new study found that 84% of 6 to 18-year-olds in the UK want more financial education in school, emphasizing practical skills like budgeting and career building.

However, current teaching provision in UK primary and secondary schools is often patchy. This highlights the need for a more comprehensive and relevant approach to financial education.

Section 2: The Cashless Society and Its Challenges

The rapid advance of the cashless society poses new challenges for young children. They are frequently exposed to gaming apps that require digital payments and recurring subscriptions. As they grow older, they are also attracted to "buy now, pay later" deals and online finfluencers promoting crypto and get-rich-quick schemes. Many parents feel ill-equipped to teach their children about these new risks.

Jade Bloom, the mother of 10-year-old Isla, was concerned that the few times money was incorporated into her daughter's school lessons only involved adding up sums. She believes that with the cost of living crisis, financial education should be a priority.

Section 3: The Importance of Early Financial Education

Research shows that money-forming habits and behaviors begin at the age of seven. Charities like MyBnk and the FT's own campaign have been advocating for financial literacy to be included at the primary level. Louise Hill, co-founder of GoHenry, emphasizes that by making financial education understandable and engaging for kids, it can remove the fear and make it a valuable learning experience.

For example, GoHenry's app contains gamified "money missions" that children of all ages can complete to learn about money. Older children can explore modules on the economy, investing, and "adulting" topics like renting and bills.

Section 4: Real-Life Financial Lessons in the Classroom

When financial education does happen in the classroom, it can have a profound impact on students. Cassius, 15, had a memorable lesson during an end-of-term activity week where he and a friend were given a budget to plan a holiday. This sparked his interest in budgeting and led to conversations about saving for driving lessons and other expenses.

His mother, Sabina Gran, also remembers this lesson and how it ignited an interest in her son. They have had many discussions about budgeting as a family, and Cassius has even started a side hustle of designing football posters to earn money.

Section 5: The Impact of Tuition Fees and Student Loans

The rise in tuition fees has been a topic in the news, and it intimidates young minds like Sawyer. Neither he nor the other children had received any teaching time focused on careers. A separate poll by GoHenry found that 23% of 6-17-year-olds wanted to be social media influencers.

Many students are yet to grasp the complexity of the student loans system, which can result in them paying a higher rate of income tax for up to 40 years. As plans for the new curriculum take shape, it is essential that the next generation of students learns valuable lessons about money.