Money, money, money

Believing in their ability to shape their own financial future can empower pupils to make smarter money choices, from budgeting and saving to investing.

Albert Bandura proposed that agency reflects independence- the capacity to take action, driven by self-efficacy (belief in ability to influence own outcomes). In financial education this means pupils are more likely to budget, save, and invest when they believe they can successfully manage their money.

Pupils in independent schools are required to have economic education. In state schools, the National Curriculum review has led to plans for all pupils to have lessons in personal finance including budgeting, saving, and learning the difference between needs and wants. Schools will also teach compound interest, money management and mortgages, and 'digital elements of financial literacy.' Young Enterprise support financial education and its development that will be introduced in 2028.

Financial education is currently often taught in maths lessons , PSHE lessons, citizenship lessons, life skills lessons and workshops. Many organisations support financial education including Nationwide and Money Lessons, Thrive from NatWest, financial education with HSBC, and free resources from Money Saving Expert, and Lloyds.

Through practical lessons and the support of financial education initiatives, pupils gain not just knowledge but the confidence to be independent and take control of their money, and schools must ensure these opportunities are accessible and engaging, setting the foundation for a lifetime of smart financial choices.