A roundtable discussion hosted by GoHenry, the prepaid debit card and financial education app for kids aged 6-18, in the House of Commons found that cross-party Parliamentarians are united in supporting the need for better financial education in the UK. 

Alongside cross-party MPs and representatives from the House of Lords, expert speakers at the round table included: Louise Hill, Co-Founder and COO of GoHenry; Leon Ward, CEO of MyBnk; Peter Komolafe, financial expert, TV presenter, and best-selling author; Olamide Majekodunmi, personal finance expert and founder of All Things Money; Tom Ahern, senior researcher, Centre for Social Justice. 

The discussion focused on the benefits of financial education, taking into account the current cost-of-living crisis. Participants agreed that it was vital to equip children with the practical money skills needed to navigate real-world finance successfully, from primary school age which is when it will have the biggest impact. 

Research from GoHenry has shown that adults who have been financially educated in their 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. Evidence shows financial education could also result in 76,400 more businesses annually.

Commenting on the roundtable, Louise Hill, Co-Founder and COO of GoHenry said:

“Like swimming and cycling proficiency, financial education is an essential life skill that young people should receive expert training on, rather than being thrown into the deep end when they leave full-time education. 

“Having campaigned to deliver effective financial education in the UK for more than a decade, it is hugely encouraging to see the tremendous level of consensus there is for the need to teach real-world money skills from primary school age. It's now time for the government to sit down with the sector and work out how we deliver an in-school financial education programme that can benefit us all, but crucially, each and every young person in this country.”

Parliamentarians taking part in the session praised the sector for the collaborative work that is already taking place and noted the recent government commitment to support financial education programmes using Dormant Asset funds.

They also challenged participants to develop a roadmap of how the desired level of financial education could be delivered at both primary school and secondary school level while pledging to continue pushing the Government on this issue and making sure financial education remains very much on the public agenda.

Peter Gibson MP, Conservative MP for Darlington, who chaired this roundtable discussion added:

“I was hugely impressed with the passion and dedication of all the participants at this roundtable to deliver an effective programme of financial education. 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. 

“The will is there. The evidence is clear. Now is the time to deliver and I hope that we can all come together to achieve that sooner rather than later.”