Posted by Manisha Sahdev on 04.11.18 in Guest Blogs

Head of Economics at a Secondary School

Financial education is in need of its own bail-out

How can flipped learning turn the concept of homework on its head and revolutionise the way students think about education, lessons, and homework.


Ten years ago, the UK faced a recession so deep, we’re still feeling the aftermath of it, however, there are many lessons that education still does not teach students that it should be if we had fully learnt the lessons of the Financial Crash. Financial Education has recently been gaining pressure in the UK. Ofsted having placed financial education into the curriculum, which has started to increase the teaching of in various forms in different schools, however, we are still not educating our young people enough for their own future financial stability.



In terms of the minimum that we should be teaching, the broad areas that we should cover are:

  • Responsible borrowing
  • Sensible saving
  • Financial planning (budgeting, expenses)
  • The stability of the Financial System

When leaving school, students are faced with options, the first one which students face is, the type of current account they need to open. The first problem they are faced with is what are the differences? What’s an overdraft? Do I need an overdraft? Then comes the excitement of a university student, oh wow I can now gain an interest-free overdraft, let’s just take it. However, not fully understanding that they are in fact borrowing, and if that were not a student account, they would have to pay interest on this debt they have now acquired.



For many young people, it is the life lessons that they need to be successful, how much will they be paid? Who is the taxman, what does he do and how much of your money will be taken? Taxes, being that certainty in life, should be an area that all educators are willing and able to talk to every student about. As young people get their first jobs, many of them are unaware how much they should be saving (30% minimum) and how to open a savings account for that rainy day fund, may they need it. As young people progress, if they are not taught the basics of the different products and services offered to them by financial institutions, they are always going to be misinformed and potentially under consume services such as home insurance, life insurance, and over consume products like credit cards and overdrafts.

Naturally, we are concerned about money, be it our motivator, or what we know we need to purely just live the life we want to maintain. Schools need to prepare students for the financial challenges that they will face in their future, with engaging and relevant lessons, activities, using businesses around them to support this. 



This can and should be done through effective and up to date financial education which can be delivered through PSHE, Citizenship and Enterprise in KS3 in addition to form tutor periods, assemblies and a cross-curricular approach in other areas of the curriculum. Many schools now run financial literacy courses in KS4/5 and many successful secondary schools have huge numbers of students wanting to take business studies related courses so there is definitely the hunger and want from the students for this type of knowledge and skills


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