3 in 4 people in Northern Ireland think most pupils leave school without the money skills they need

• Three quarters of adults say most students finish without key financial skills. 
• Almost all adults think schools should teach money lessons. 
• Less than half of young people currently get a meaningful financial education. 
• Educators gather to renew their commitment to improving the money skills of children and young people. 

Three in four people across Northern Ireland think most pupils are leaving education without the money skills they need, according to new research from the Money and Pensions Service (MaPS). 

In a poll of 131 adults, 76% thought the majority of students finish school or college without the financial knowledge they need for adulthood.  

MaPS estimates that around 16,500 young people finish education annually across Northern Ireland, meaning thousands each year could be leaving financially unequipped. 

As a result, MaPS is launching new guidance, endorsed by Council for the Curriculum, Examinations & Assessment (CCEA), to help schools deliver a quality financial education.  

It’s being launched today at a conference in Belfast, co-hosted by Young Enterprise Northern Ireland (YENI), that brings together teachers, education leaders and policymakers to renew their commitment to strengthening the provision of financial education for children and young people. 

In Northern Ireland, financial capability is a statutory requirement across all key stages as part of Mathematics and Numeracy, Personal Development and Mutual Understanding and Learning for Life and Work.   

It has the overwhelming support of the general public too, with 94% of those in the same survey saying schools should teach their students about money. 

Those that do receive a meaningful financial education are more likely to be active savers, have more positive attitudes towards money and feel confident in managing it.  

However, MaPS is concerned that the message might not be cutting through after its previous research revealed less than half of young people in Northern Ireland (43%) say they’ve had a meaningful financial education. Just 32% recall receiving one they considered useful at school.   

A recent MaPS survey also revealed that 76% of UK teachers agree that most children leave school without the right money skills. 

The UK Strategy for Financial Wellbeing, which is co-ordinated by MaPS, set a goal of two million more UK children aged 5-17, including 60,000 in Northern Ireland, to receive a meaningful financial education by 2030.  

To work towards this, MaPS is today launching new free guidance for schools to use, endorsed by CCEA. 

Aimed at everyone from school leaders and teachers to governors and learning organisations, they offer tips and techniques on embedding and delivering a good quality financial education.  

There are separate guides for primary and post-primary schools and they examine key topics like training teachers, using a ‘whole-school approach’ and appointing a financial education champion.  

There are also signposts to further resources and case studies of schools who have successfully taken part. 

Janine Maher, Northern Ireland Manager at the Money and Pensions Service, said:

“We’ve spoken to children, teachers and now the general public, many of whom are also parents. The single, resounding message we keep on hearing is that too many students are missing out on the money skills they need.  

“This means they’re less likely to understand their finances, save or talk about money. They’ll also be less able to make informed decisions when it comes to vital tasks like budgeting, borrowing and managing their money. 

“This new guidance, produced with colleagues at CCEA, explains the importance of a meaningful financial education and provides teachers with the tools and resources to meet the curriculum. By working together on this, we can all make a vital difference to young people’s lives.” 

Gerry Campbell, Chief Executive at CCEA, said:  

“We are pleased to support the Money and Pensions Service in the development of this guidance, recognising the importance of implementing and enhancing financial education for our young people. 

“Financial capability is an important life skill for everyone; the ability to make sound financial decisions is the key to identifying and making best use of the opportunities in today’s changing world. 

“We hope this guidance supports our teachers in delivering essential financial education in the classroom.” 

– ENDS –

• To download the free guides, please visit this page.
• In Northern Ireland, financial capability is a statutory requirement across all key stages as part of Mathematics and Numeracy, Personal Development and Mutual Understanding and Learning for Life and Work.   
• Total sample size was 2,192 UK adults, of whom 131 live in Northern Ireland. Fieldwork was carried out online in December 2023. 
• MaPS estimates that around 16,500 pupils in Northern Ireland finish their compulsory education each year. This is based on official school leaver stats for the 2021/22 Academic Year. For more details on the calculation, please get in touch. 
• Financial Foundations is based on a survey of 4,740 children aged 7-17, of who 384 were in Northern Ireland. Among the 384, just 43% had received a meaningful financial education at home, at school or in both settings.