Primary pupils to get compulsory financial education in England
The Department for Education has announced the outcome of its recent curriculum review, introducing compulsory financial education for primary school pupils across England.
The move has been widely endorsed by stakeholders in the financial sector, including membership bodies and financial technology firms, as part of broader efforts to address financial exclusion and improve financial literacy from an early age.
Primary curriculum changes
The Department for Education's decision follows increasing recognition of the importance of equipping children with the skills to navigate financial decisions from a young age. Under the revised curriculum, financial education will become a mandatory element for primary schools, ensuring all pupils receive basic instruction in personal finance before advancing to secondary education.
Carol Knight, Chief Executive Officer of The Investing and Saving Alliance (TISA), has welcomed the development, highlighting its alignment with longstanding calls from within the sector for more robust financial education.
"Teaching children about money is like explaining the rules of a game they're already playing; with greater understanding, they can take part with confidence rather than uncertainty. Children encounter spending, digital payments, advertising and influence before they can even spell money, and they deserve the tools to navigate those experiences. This review rightly recognises that financial education is a core life skill, not an optional extra. TISA strongly welcomes the decision to include it as a compulsory part of the primary curriculum - something we have long been calling for."
TISA, which represents over 270 firms in the savings, investment and financial advice sectors, has consistently advocated for improved financial awareness among children and young people. The body emphasises that early education provides a critical foundation for lifelong financial wellbeing.
Financial inclusion strategy
In a related policy development, the Government has also released its Financial Inclusion Strategy, aimed at broadening access to essential financial services and reducing the number of individuals who lack adequate financial products.
Symmie Swil, UK General Manager at Upvest and former Deputy Chief Operating Officer at Investec, commented on the strategy's strengths and areas for further development. Swil noted that successful financial inclusion should address the "Five A's": awareness, advice, access, 'actionability', and agency.
"To be a success, this Financial Inclusion Strategy needed to deliver on the 'Five A's': awareness, advice, access, 'actionability', and agency. Hitting such a wide range of outcomes was always going to be a challenge and this strategy isn't perfect, but it does make a range of recommendations which would - if implemented - truly move the dial on many of these vital areas. It's a commendable piece of work."
Access for all
Swil observed that while previous efforts often focused heavily on awareness and advice, recent recommendations go further by emphasising practical measures to widen access. Notably, proposals to ease the requirements for individuals without standard forms of identification to open bank accounts, and increasing support for people with diverse financial needs, were highlighted as positive steps.
"Everyone deserves financial independence, and these recommendations - if delivered through intuitive, people-centric technology and systems - will help tackle financial exclusion in these underserved groups," Swil added.
Room for improvement
Despite these advances, Swil argued the strategy could have provided more detail on 'actionability' and agency - the capacity for individuals to take concrete financial steps. This includes actionable support for first-time investors and those building pension savings.
Swil suggested that further clarity is needed to empower consumers who may feel excluded from investing or retirement planning, particularly by addressing obstacles such as knowledge gaps and costs associated with entering long-term investment products like stocks and shares ISAs or pension schemes.
Sector response
Industry bodies have broadly welcomed the focus on strengthening financial education and addressing exclusion, noting the links between early skills formation and later engagement with financial services. There is a consensus that giving children access to meaningful, age-appropriate financial education can lay the groundwork for improved financial wellbeing throughout adulthood.
The sector's response indicates support for both current policy directions, with stakeholders calling for continued attention to practical reforms that reinforce knowledge with usable, accessible tools and pathways for action.
