GoHenry, the prepaid debit card and financial education app for kids aged 6-18, today announces the launch of a national petition calling on the Government to make financial education compulsory in all schools from primary age. The petition is available to sign on the Parliament website here. 

Backed by MPs including Peter Gibson and charities including The Centre for Financial Capability (TCFC) and MyBnk, GoHenry has joined forces with experts and industry campaigners to push for change and better equip the next generations with vital money skills.

#makemoneycount is the latest appeal for Prime Minister Rishi Sunak, who has been pressing ahead with his ‘Maths to 18’ plan, to urgently address the UK’s financial capability crisis. Research has shown that adults who have been financially educated in younger years are more likely to be in higher-paying jobs and could contribute an extra £202 billion to the economy by 2050. They would also be, on average, £70,000 richer in retirement.

According to a Cambridge University study commissioned by the Money and Pensions Service, children’s financial habits are formed by the age of seven. Reformers want to see teachers given the resources, time and knowledge they need to equip children with the practical money skills needed to navigate real-world finance successfully, at an age when it will have the biggest impact. 

Louise Hill, co-founder and CEO of GoHenry, said: “Numeracy skills are vital both in the workplace and everyday life, but we would like to see the Government prioritising the practical money skills children need to navigate real-world finance successfully. That means thinking outside the box and making financial education compulsory in all primary and secondary schools, using the Bikeability model on cycling proficiency, to ensure consistent and high-quality teaching by experts. The evidence is clear that this will help individuals be more financially savvy, encourage entrepreneurship, and provide a significant long-term economic boost to the whole country. If the Prime Minister is serious about reimagining our approach to numeracy, this is the change that will make the most tangible difference.” 

Peter Gibson MP, Conservative MP for Darlington, said: “I don’t know a single Parliamentarian, from any party, who is opposed to the idea of giving young people a proper programme of financial education. As GoHenry's research suggests, this could have a transformative effect not only on the financial outcome of individuals, but on the wider economy too. We know that teachers are busy, so this petition isn't about burdening them with extra work. It's about helping teachers carve out the time for financial education lessons, and bringing in external experts to help them if necessary. Now is the time to deliver and I hope that we can all come together to achieve that sooner rather than later.” 

Mal’achai, age 12, said: "Learning about money in school is important because it will teach me and my friends how to save, spend wisely and plan for our futures when we grow up. I already save my pocket money for new toys and holidays but I think kids could learn a lot more about money if it was in school too.”