Teachers lack confidence in teaching finance

Financial education in secondary schools is being held back by teachers’ lack of specialist knowledge of the field says a survey by the Financial Services Authority (FSA).

While many said that they believed that schools should help pupils to gain a basic understanding of personal finance, few teachers were confident of their ability to do so.

The main barrier to pupils’ financial education is the overstretched secondary school curriculum however, providing little time to fit a financial education in the school week.

“If financial education does not become widespread there are serious consequences for young people,” said FSA chief executive John Tiner.

“The experiences of their elders have already shown us that those who struggle to manage their finances will be less effective at work, their relationships will suffer, and debt may spiral out of control.”

While 91 per cent of secondary pupils and 48 per cent of primary school pupils receive some finance education many receive just one or two lessons per term on the topic.

Most teachers rated education on best rate interest and debt management as important but just a third of primary and a quarter of secondary teachers said they were confident of doing so.

© Adfero Ltd

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