A new global report from Santander highlights a significant shift in educational priorities, indicating that financial education is considered more important than history or science. The survey, which canvassed opinions across ten different markets, reveals that many view financial literacy as the second most crucial subject after mathematics. This finding comes on the heels of an announcement by the UK government that financial education will become mandatory in all primary and secondary schools starting in 2028.
The report, titled The Currency of Learning: Global Perspectives on Financial Education, surveyed participants from countries including the UK, USA, Brazil, Argentina, Spain, Chile, Portugal, Mexico, and Poland. It reveals that 71% of respondents in the UK believe they possess a fair or strong understanding of financial matters, compared to 61% globally. Furthermore, nearly half of the UK population, or 48%, expressed a desire for more education on pensions, while approximately two-thirds stated they want to be more knowledgeable about investing.
The report also underscores a general risk-averse attitude among UK respondents. Only 31% indicated they would consider investing in stocks and shares, with more than half, or 55%, stating they are unwilling to take that step. This reluctance points to a pressing need for enhanced financial education.
As part of the forthcoming curriculum overhaul announced by the Department for Education, all primary and secondary pupils will receive instruction on financial matters. Lucy Rigby, Treasury Minister, emphasized the importance of equipping children with essential financial skills. “At present, too many children leave school without a basic financial education, including the skills they will need to manage money,” she stated. Rigby further noted that financial education will be a key component of the new citizenship curriculum, ensuring young people understand how to manage their finances effectively.
In support of these changes, Mike Regnier, CEO of Santander UK, remarked on the importance of mandatory financial education. He stated, “This will help establish a stronger knowledge of financial and economic concepts, benefiting not only individuals but the UK economy at large.”
The push for financial literacy in schools reflects a broader recognition of its significance in today’s economy. As the need for financial skills grows, the government’s commitment to integrating these lessons into the national curriculum marks a pivotal step towards fostering a financially literate generation.
