From Pocket Money to Policy: Building Financial Fluency For The UK

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.

Leon talks about 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.

Leon reflects on the decision to embed financial education in England’s national curriculum, the gap it creates for teachers who missed out on this learning themselves, and the realities his team sees when working with young people facing cashless spending, online scams, and unrealistic expectations about money.

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.

Leon is encouraged by the direction of travel, but he is also clear that adding a topic to the curriculum does not guarantee meaningful learning.

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."

Leon Ward, CEO, Money Ready

Why Teachers Need Support

Curriculum reform is only one part of the story.

Teachers are now expected to deliver topics they were never taught themselves.

Many have the same questions about interest, mortgages, savings, or pensions as their pupils.

When Leon visits schools, he often sees teachers sit in on Money Ready sessions.

Many tell him afterwards that they picked up something new - and that the knowledge could have made a difference earlier in their own finances.

Recent survey work with young adults suggests many left school without structured financial education at all.

Preparing Educators for a New Responsibility

Leon believes the biggest opportunity now is to equip teachers with the confidence to deliver financial learning consistently.

Without that support, schools risk turning a major policy moment into a compliance exercise rather than a long-term shift in capability.

With implementation not expected until 2028, today’s pupils are unlikely to benefit from the change.

That leaves a large group of children and young adults still reliant on the work of charities and community providers for financial support.

National provision mapping also shows that access to financial education varies widely across the UK.

The Realities Young People Face Today

The financial world young people grow up in looks nothing like it did even a decade ago.

Many have never handled cash regularly. They pay for things with phones, game coins, or bank cards issued before they turn 12.

Their exposure to money decisions is shaped heavily by screens, algorithms, and persuasive design.

This requires a different approach to teaching financial capability - one rooted in real-world examples rather than abstract definitions.

From Cash to Contactless: Changing Habits

Money Ready still uses coins and notes as a teaching tool for younger children.

Leon says this helps with early recognition and the foundations of value. But he is realistic: most real-life transactions are now digital.

Digital payments make spending feel frictionless.

People tap without thinking, and the lack of physical exchange removes the pause that used to make spending decisions more deliberate.

"It's so easy to spend. You can spend hundreds of pounds contactlessly without blinking. Back in the day, handing over cash made you think twice."

Leon Ward, CEO, Money Ready

Leon sees this every day. 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.

Leon says 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."

Leon Ward, CEO, Money Ready

Recent qualitative research also shows how fraud and financial abuse now follow young people into social platforms and gaming environments.

Building Financial Fluency in the Real World

Money Ready’s programmes anchor financial education in everyday decisions.

Leon’s team 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.

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

Leon’s long-term ambition is to see impartial guidance embedded directly into financial journeys.

He imagines a world where education appears 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."

Leon Ward, CEO, Money Ready

A Moment of Change for the UK

Curriculum reform will not transform financial literacy overnight.

Leon sees it 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.

Leon’s message at the end of the conversation 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.

References

New Curriculum to Give Young People the Skills for Life and Work, UK Government, 2025

All Children to Be Taught Financial Literacy, Professional Pensions, 2025

Financial Education in Primary Schools, Just Finance Foundation, 2025

Financial Education in Schools, House of Lords Library, 2024

Children and Young People’s Financial Wellbeing Survey, MaPS, 2023

Financial Education Provision Mapping, MaPS, 2025

Young Adults and Financial Education, Financial Times, 2025

Online Scams Among Young People, Safer Internet, 2025

Fraud on the Socials, ICPR, 2024

Scam Job Texts to Teens, The Guardian, 2025

Spendception and Digital Payments, MDPI, 2025

Payment Technologies and Behaviour, Journal of Banking & Finance, 2019

The Great Wealth Transfer, Unbiased, 2025

Wealth Transfer Insights, Brooks Macdonald, 2025

Money Ready, Charity website, 2025

Leon Ward (LinkedIn), Money Ready, 2025

Reviewed by

Sam Kendall, 20.11.2025