Parents Call for Financial Education as the New “Fourth R” in Schools

As the UK Government reviews the national curriculum, new research from Yorkshire Building Society highlights an overwhelming call from parents to make financial education a core subject in schools, as stated in FF News. According to the study, 95% of parents of children aged 5 to 17 believe financial literacy is essential, and 89% think it should be formally taught in classrooms.

Despite this strong support, only 24% of parents talk to their children about money weekly or more often, while 10% admit they never discuss the topic. In contrast, parents report more frequent conversations about other important issues such as mental health, diet, substance use, road and water safety, online risks, and relationships.

The disconnect may partly stem from a lack of confidence in discussing financial topics. While 91% of parents feel somewhat confident in teaching their children about money, comfort levels vary significantly by topic. Most feel able to discuss saving (80%), but fewer feel confident talking about budgeting (68%), distinguishing needs versus wants (62%), avoiding debt (56%), or explaining credit (43%).

Chris Irwin, Director of Savings at Yorkshire Building Society, noted: “This research shows that parents recognise that financial education is incredibly important, but they are juggling many different priorities when it comes to talking to their children about life skills. Although most recognise that children should start learning about money during primary school, many may not realise that attitudes and behaviours start developing at a very early age, and habits can form by the age of seven.”

Most parents (70%) rely on personal experience when teaching their children about money, with far fewer turning to financial apps (29%), YouTube and online videos (27%), books (26%), professional advice (20%), or social media influencers (13%). Irwin pointed out the potential pitfalls of this approach: “We can see that most parents lean on personal experience to teach their children about money, meaning that those from less financially-savvy families could be at a disadvantage.”

To address this gap, Yorkshire Building Society has called for mandatory financial education in schools, starting in primary years. In 2024, the organisation submitted official recommendations to the Government’s Curriculum and Assessment Review, pushing for these changes. Final decisions are expected this autumn.

Since 2015, the Society has helped educators deliver financial lessons through its Money Minds programme, which reached over 16,000 children and young people in the UK last year. The programme includes free online resources for students aged 11–19, as well as tools for teachers and parents covering essential financial topics like budgeting, borrowing, and fraud prevention. For parents of younger children, the Money and Pensions Service also provides guidance on initiating conversations about money.

Irwin concluded: “We hope that the Government will increase the focus on financial education in schools – and make it mandatory for all pupils across the country so no child misses out on developing important life skills relating to money.”