The importance of teaching financial education

At Gateways, we are fortunate to be able to work in small class sizes, which enables students to progress faster and allows more time for covering subjects such as money management. We often incorporate financial management-based activities into subjects such as maths, to embed finance education at all opportunities. Upper 4 pupils are also offered the chance to complete an optional Money Matters course run by Young Enterprise as a prelude to taking GCSE Business Studies, this course overs, budgeting, saving, borrowing and other aspects of financial management, as part of our extracurricular timetable. The modules are completed online giving pupils an insight into money management and banking, which can help all students to develop their finance education, as well as being beneficial for students who want to pursue a career in finance. 

Ideally, children should be receiving financial education both at school and at home, where more practical money management activities can be practised. Having regular conversations with children about topics such as bills, mortgages and credit will help them to build a better understanding of these topics for when they are older. 

In Sixth Form, as part of our Enrichment programme, we look at the cost of living at university both in halls and living out in their second and third years. We use budgeting sheets to analyse the cost of specific halls, as well as researching the cost of renting houses and the further costs incurred.


Why is financial education important? 

Children who have financial education are more likely to save up frequently and not make poor financial decisions that could result in getting into unnecessary debt. A survey conducted by the London Institute of Banking and Finance revealed that 81% of the 2,000 15–18 year olds surveyed, worried about money and two thirds of them said they had become more anxious about money since the covid 19 pandemic.

This shows that as well as having future financial implications on children’s lives, financial worries are affecting their mental health before they even get to the stage where they have their own financial responsibilities. This is another reason that is so important to start financial education early on, so that children build confidence in their ability to manage their money. 


Useful resources can be found at the Bank of England Home learning hub 

or from NatWest here: