GoHenry Advocates for Mandatory Financial Education in Primary Schools

Published 6 months ago

GoHenry, a digital banking solution for kids and teens, continues to advocate for the introduction of mandatory financial education in all primary schools. Louise Hill, the CEO and co-founder of the company, presented oral evidence to the Education Select Committee’s inquiry into strengthening financial education in England.

Key Recommendations

Hill’s evidence centered on three main suggestions:

  • Financial education should begin at primary school age, as research shows this is when it has the most significant impact.
  • The teaching of financial education must be uniform, reaching children irrespective of their school type or socio-geographical background.
  • Financial education should be statutory with some form of assessment to ensure all children have equal opportunities.

The Struggle for Financial Education

The panel unanimously acknowledged the immense pressure teachers face to cover a broad range of subjects. Thus, amendments are necessary to ensure financial education gets the attention it deserves in schools. This discussion is part of GoHenry’s ongoing initiative to improve financial education in the UK. Their #makemoneycount petition aimed at the parliament has recently garnered 10K signatures and is now awaiting a government response.

Collaborative Efforts

GoHenry is not alone in this endeavour. They have collaborated with experts and campaigners pushing for change and equipping the next generation with essential money skills. They have hosted roundtables on the subject in Parliament and the Welsh Senedd. Also, GoHenry is a member of The Centre for Financial Capability and supports the charity’s mission to help every child develop the skills needed to make crucial financial decisions later in life, starting in primary school.

Emphasis on Government Intervention

Hill stressed the need for a consistent financial education program in all schools, arguing that it could revolutionize the financial futures of young people and the wider economy. In her words, the absence of such a program is “a betrayal of an entire generation of young people in England.” She called on the government to take action and prioritize the practical money skills children need to successfully navigate real-world finance.

Hill hopes that the Education Select Committee will make strong recommendations towards this end.