In a move aimed at bridging the financial capability gap in the UK, GoHenry has initiated a petition aimed at making financial education compulsory.
As highlighted by AltFi, This bold step urges the UK government to embed compulsory financial education in the curriculum across all schools, with the program commencing at the primary educational level.
The campaign, highlighting the urgency of practical financial skills, has garnered support from various quarters. Noteworthy charities like The Centre for Financial Capability and MyBnk are backing this initiative. Moreover, GoHenry hasn’t shied away from forging alliances with experts and industry campaigners, underscoring the necessity for this significant educational shift.
GoHenry co-founder and CEO Louise Hill elaborated on the motivation behind the petition, “Numeracy skills are vital both in the workplace and everyday life, but we would like to see the government prioritising the practical money skills children need to navigate real-world finance successfully.” She pressed on the need for an educational framework that extends beyond traditional learning, advocating for mandatory financial literacy lessons in both primary and secondary educational institutions. Hill believes that enhancing financial understanding won’t just craft more economically astute individuals, but also kindle entrepreneurial spirits, providing a substantial long-term economic impetus nationwide.
The call to action challenges Prime Minister Rishi Sunak’s ‘Maths to 18’ strategy, which extends compulsory maths education but overlooks real-world financial skills. “Maths is all well and good but when it comes to teaching kids how to manage money in the real world, the curriculum is failing them,” the passionate plea on GoHenry’s Parliament petition page reads.
Conservative MP Peter Gibson supports the movement, recognising the potential country-wide transformation. He shared, “I don’t know a single Parliamentarian, from any party, who is opposed to the idea of giving young people a proper programme of financial education.” Echoing GoHenry’s standpoint, he acknowledged the prospective extensive economic impact underscored by the firm’s research.
Reinforcing this are findings by Cambridge University for the Money and Pensions Service, indicating that financial habits are ingrained in children by the age of seven. The current times, marked by economic challenges, underscore the importance of prioritising monetary proficiency in youth. The petition emphasises that governmental intervention in educational curricula can significantly contribute to levelling up, promoting social mobility, and fostering financial equality.
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