Most of us left school knowing more about Pythagoras than payslips - and we are still living with the consequences.
In this episode of A Sense of Identity, we speak with Leon Ward, CEO of Money Ready, a charity working across classrooms, youth clubs, and workplaces to help people build practical financial skills.
The discussion covers what compulsory financial education could mean for England, why teachers will need as much support as pupils, and how to help a generation growing up contactless, online, and targeted by everything from influencers to in-game spending nudges.
Embedding financial education in England’s national curriculum highlights a gap for teachers who missed out on this learning themselves, alongside the realities Money Ready sees when working with young people facing cashless spending, online scams, and unrealistic expectations about money.
England’s planned curriculum change arrives at a moment when young people already face contactless spending, online scams, and uneven support at home. Ward’s view is that policy can set direction, but teacher confidence and practical classroom delivery will decide whether financial education becomes a lasting capability or a box-ticking exercise.
The Momentum Behind Financial Education
The government’s curriculum review confirmed recommendations that financial education become compulsory in England's primary schools for the first time.
For organisations like Money Ready that have been pushing for earlier intervention, the announcement marks a shift that many felt should have come years ago.
The direction of travel is encouraging, but adding a topic to the curriculum does not guarantee meaningful learning on its own.
Scotland, Wales, and Northern Ireland already include financial education, yet outcomes remain uneven.
Recent research shows the home still has a major influence on children’s financial behaviour.
When families struggle with money, lack confidence, or avoid the topic entirely, those gaps often carry into adulthood unless schools have the tools and confidence to step in.
"It's quite unique to work for a charity where when you tell people what you do, almost everybody says, God, that's a good thing. I wish I had it when I was a kid."
Whether it is gaming purchases, micro-transactions, or quick taps at the shops, young people are making financial choices earlier and faster than many adults realise.
Influencers, Unrealistic Expectations, and Early Risks
A common theme among teenagers is a belief that high salaries are immediate or easily attainable.
Influencers play a significant role here, presenting versions of success that rarely reflect reality.
Some pupils expect to earn large sums straight out of school because that is the message they see online.
There is also rising concern about scams and fraud. Young people are now frequently targeted with fake job offers, quick-win schemes, and gaming-related spending prompts that encourage impulsive behaviour.
"We ran a national lesson on online scams. The appetite from children was huge. Many had already experienced something worrying."
Recent qualitative research also shows how fraud and financial abuse now follow young people into social platforms and gaming environments.
"Young people are meeting scams and quick spending decisions long before their first payslip. Classroom education matters, but customers also need clearer guidance when they are making real financial choices online."
Paul Holland, Founder and CEO, Beyond Encryption (Mailock)
That wider risk picture is why charities, schools, and financial providers are all being asked to make guidance more practical, more timely, and easier to act on.
Building Financial Fluency in the Real World
Money Ready’s programmes anchor financial education in everyday decisions.
Money Ready uses examples from real life: choosing a bank account, comparing interest rates, reading a payslip, setting a budget, or spotting when a deal looks too good to be true.
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Sessions often reveal the gaps people carry into adulthood.
Even experienced teachers admit they have learned something new about borrowing, savings, or pension contributions after sitting through a class.
Designing Education That Works at Key Life Moments
The long-term ambition is to see impartial guidance embedded directly into financial journeys.
That could mean education appearing at the moment of need, rather than months or years beforehand.
Examples include:
short videos explaining car insurance when people compare policies
clear guidance on overdrafts when a banking app offers one
simple pension prompts through workplace systems
explainers on statutory protections when using credit for travel
contextualised risk reminders when opening investment accounts
These micro-lessons could help people make informed choices before committing to agreements that affect long-term financial wellbeing.
"Independent education at the point of use would be brilliant. Every time I buy insurance or open an overdraft, imagine a short money-ready explanation popping up."
Curriculum reform will not transform financial literacy overnight.
It is better understood as the start of a long rebuild. The benefits may take a generation to emerge, but the direction is positive.
In the meantime, today’s young people still face financial decisions daily: from in-game purchases to salary expectations, from scam messages to their first payslip. The need for accessible, grounded financial education has never been clearer.
Ward’s closing message is simple: enjoy your money, but understand it.
Make choices you can stand behind. And give yourself the tools to feel in control, whatever life throws your way.
FAQs
Why Does Financial Education Need to Start Early?
Early learning builds habits that carry into adulthood, helping young people recognise value, manage risk, and make informed choices.
How Are Young People Affected by Digital Spending?
Contactless payments remove friction, making spending feel less tangible and increasing the likelihood of impulsive decisions.
What Role Should Teachers Play?
Teachers are central, but many never received financial education themselves. Supporting them is essential to delivering consistent lessons.
How Can Fintechs Support Financial Education?
By including guidance at key decision points, fintechs can help users understand products before committing to them.
Paul, CEO and Founder of Beyond Encryption, is an expert in digital identity, fintech, cybersecurity, and business. He developed Webline, a leading UK comparison engine, and now drives Mailock, Nigel, and AssureScore to help regulated businesses secure customer data.
Paul Holland
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