According to the Financial Times the Department of Education are planning that from 2028 it will become compulsory for all primary and secondary schools will start teaching financial literacy, how to spot fake news and climate change on their curriculum (Source: All schoolchildren in England to be taught financial literacy)
We currently have elected Somerset Members of Youth Parliament (MYPs) with campaigns running on Social Media (Emma Brown) and Climate (James Lawson) and when our newly elected MYPs, take up their seat of office in April, Somerset Youth Parliament will be focussing on improved access to sports in schools and colleges, fake news and financial literacy amongst other topics.
Financial literacy is a core lifelong skill that helps young people to secure control over their independence, by being able to save, budget, and lay down plans to navigate their future, with confidence
Here’re Lara’s thoughts and experiences of the School Curriculum, Finances and the real and current impact it’s having on her life.
A huge priority of Youth Parliament is that schools should have more in the curriculum about finance, but I didn’t realise the impact it had on me until more recently. Where some schools have started to teach financial literacy, I have begun to teach myself some of the skills I had missed.
I was having this conversation with my mum, as we were talking about our goals for the year, when she comforted me by explaining that she also was not taught these things, and is learning about managing her money alongside me. I don’t think this is something that most parents would share, but many probably relate to. I’ve never had a credit card, never invested and never saved over £1,000, and most of that is due to a deep-rooted fear around money that could’ve easily been fixed had I received a financial education early on.
This year, I have been deeply considering university, but after hearing that unless you make a wage over £66,000 a year just to pay back more than the interest on your loan, I’m really hesitant to take the risk. To comfortably live in Bristol, where I intend on studying, and not have a job for the first time in 5 years, I would have to save roughly £900 a month, which is about 56.25% of my monthly income, before I even look to pay my car insurance, fuel and very small amount of rent.
To enjoy my time without too much worry in the 2027 academic year, I will have to live without some comforts and likely won’t reach my goals considering emergencies. I’ve started tracking where my money gets spent, and budgeting in preparation, but without the time I’ve put into money management I would feel pretty lost going forward. I’m looking into credit cards to improve my score and investment, but it’s a long process and something that can make a huge difference in many people’s lives.
Financial literacy doesn’t just help people who regularly overspend, it can provide relief for those that struggle with a scarcity mindset and financial anxiety too.
Lara
Not just elected members
Did you know that Somerset Youth Parliament isn’t just it’s elected members? Any young person in Somerset aged 10-25 years can become a member of the Somerset Youth Parliament Advisory Group.
For more information about becoming a member of the Somerset Youth Parliament Advisory Group and to join, visit our Join Us page.
