England is set to introduce compulsory financial education for all primary and secondary school students as part of a landmark curriculum reform aimed at preparing young people for modern life.
Beginning in September 2028, financial literacy will be taught alongside lessons on media awareness — such as identifying fake news — and climate change, under new citizenship classes announced by the Department for Education (DfE).
This marks the first major overhaul of England’s curriculum in more than a decade, following a comprehensive review commissioned by Prime Minister Sir Keir Starmer’s government. The reform seeks to ensure every student leaves school equipped with essential life skills in finance, critical thinking, and core academic subjects such as reading, maths, and science.
Financial Literacy Tops Parental Priorities
According to Becky Francis, chair of the independent curriculum and assessment review, financial literacy emerged as “the most highlighted area of importance by parents” and was “consistently raised by every single focus group” with young people. The growing interest reflects rising inflation in recent years and the increasing digitalisation of the financial world.
The review revealed that 71% of children aged 7 to 17 now make online purchases, many without adult supervision — a trend that underscores the need for financial awareness from an early age.
Broad Support for Reform
Calls for improved financial education have been echoed by businesses, MPs, and charities, including the Financial Times’ Financial Literacy and Inclusion Campaign. Currently, financial education is mandatory only in local authority-run secondary schools.
Additional Reforms and Assessments
The overhaul includes a range of broader measures, such as a new statutory reading test for pupils aged 12 to 13, a revision of school performance metrics, and the introduction of vocational “V-level” qualifications.
Although the DfE has not yet announced changes to GCSE exams, the Francis review recommended reducing the total number of exams taken by 16-year-olds by at least 10%, citing concerns over student mental health and curriculum overload.
Funding and Implementation Concerns
Myles McGinley, managing director of exam board Cambridge OCR, welcomed the reforms but cautioned that “even laser-focused change will cost schools and colleges time and resources that are in short supply.” He warned that without proper support, schools might struggle to implement the changes effectively.
Financial Inclusion Beyond Schools
In parallel, the UK Treasury has launched a new financial inclusion strategy to address barriers faced by vulnerable groups. The plan expands a pilot programme — run by the charity Shelter and several major banks including HSBC, Lloyds, NatWest, Barclays, Nationwide, and Santander — enabling homeless individuals to open bank accounts without a fixed address. So far, the initiative has helped more than 7,000 people access financial services.
Additionally, the Treasury will collaborate with credit rating agencies to help domestic abuse survivors remove unfair credit marks from their records.
Lucy Rigby, Economic Secretary to the Treasury, described the initiative as “a plan about opening doors — helping people experiencing homelessness into work, helping survivors of abuse rebuild their credit, and helping families save for a rainy day.”
Together, these educational and financial reforms represent a significant step toward building financial resilience and inclusion across all generations in England.
