Welsh Government and Money and Pensions Service join forces on new financial education guides for schools

• Collaborating with the Welsh Government, MaPS are launching free financial education guides that will help schools in Wales to “make a vital difference to young people’s lives.” 
• Increased financial education in schools has a positive knock-on effect on financial understanding in later life. 
• The initiative comes from research that three quarters of adults say most students finish school without key financial skills.

Today (Thursday 14 March 2023) the Money and Pensions Service (MaPS) and the Welsh Government are launching new free supporting materials to help schools deliver a quality financial education and better inform young people across the country about money. 

With support from the Welsh Government, MaPS’ financial education supporting materials are aimed at everyone from school leaders and teachers to governors and school improvement services. 

The materials offer tips and techniques on embedding and delivering a good quality financial education, and will ensure that those leaving education feel they are doing so with a better understanding of both their personal and wider finances. 

Welsh Government’s Education Minister, Jeremy Miles said:  

“Evidence shows that those that do receive a meaningful financial education at school are more likely to be active savers and feel confident in managing it.   

“In our new Curriculum for Wales, learning about money is already a statutory part of Mathematics and Numeracy, while also being a key element of the cross-curricular numeracy framework.  

“The introduction of these new financial guides will further support teachers to enhance the existing financial education that already takes place, providing real world applications which will stand young learners in good-stead.” 

The collaborative effort comes from recent MaPS research which showed that less than half of young people in Wales (49%) say they’ve had a meaningful financial education. Additionally, just a third (33%) recall receiving one they considered useful at school. 

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

The introduction of these guides has the overwhelming support of the general public too, with 98% of those surveyed saying schools should teach their students about money. 

These figures demonstrate the need for MaPs and the Welsh Government to have come together in creating these new guides that will improve financial education in Wales. 

Lee Phillips, Wales Manager at the Money and Pensions Service, said:   

“Our collaboration with Welsh Government has been invaluable in creating these supporting materials aimed at teachers and school leaders to increase the financial literacy of young people in Wales. 

“We’re excited to see young people gaining a more thorough understanding of their finances and able to make better-informed decisions on vital financial tasks such as budgeting, borrowing, and managing their money. 

 “Schools are already under real pressure, so our new resources aim to help by showing both the importance of a meaningful financial education and exactly how to deliver one. If they can learn about money both at home and at school, it could make a real difference to their lives.” 

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 90,000 in Wales, to receive a meaningful financial education by 2030.    

There are separate guides for primary and secondary school 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.  

The guides are being launched alongside new content on the Welsh Government Hwb, which help teachers find further resources to support the improved provision of financial education. 

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• Link to Welsh Government resources hereOpens in a new window.
• Link to Money and Pension Service resources here.
• The Money and Pensions Service and MoneyHelper also offer free guides to help teach children about money. This can be accessed on the TalkLearnDoOpens in a new window page of MoneyHelper.