The new financial education guidance is for primary and secondary schools in England.
The guidance, developed as part of the UK’s 10 year Strategy for Financial Wellbeing, sets out ten steps schools can take to boost the delivery of financial education.
With only 37% of 7 to 17-year-olds in England recalling receiving financial education at school, the Government's MAPS and the Department for Education said equipping teachers to have conversations about money in the classroom is vital.
The guidance aims to help teachers talk about topics such as budgeting, saving, and managing credit to help children gain the skills and confidence they need to manage money later in life.
The guidance highlights the links between financial education and the existing curriculum. The suggested steps include introducing a financial education lead, putting in place targeted support for children with additional needs, consulting parents and students and approaches to embedding learning about money throughout school life.
It also links to a range of financial education services and resources to help schools.
Robin Walker MP, the Minister of State for School Standards, said: “Building knowledge of money and financial matters from an early age can support resilience and wellbeing through life and it is important that children and young people develop strong financial knowledge, skills and habits to stand them in good stead as they prepare for life in the modern world.”
The new guidance was launched as Talk Money Week comes to a close.
The campaign - now under way until the end of the week - is coordinated by MAPS.
The PFS said its members can make a difference themselves by starting a conversation with family and friends about issues such as later life and care funding and encouraging others to do the same.
Caroline Siarkiewicz, chief executive at MaPS, said financial education in school needs to be supported at home and in the community.
She said: “Less than half of 11- to 17-year-olds feel confident managing their money, and almost a fifth of 16- and 17-year-olds report feeling anxious when thinking about their money. Financial education in school – alongside support at home and in the community – is key to helping children build the foundations needed for their future financial wellbeing and resilience. This guidance will equip schools with the tools they need to bring financial education to the forefront within the classroom and ensure it is impactful and engaging.
“Financial education plays an important role in helping children and young people make the most of their money as adults, whether that is understanding how to read a payslip, how to decipher a bill or the importance of planning ahead. The financial impact of the Covid-19 pandemic means that building money skills, confidence and resilience have never been more vital.”
The UK Strategy for Financial Wellbeing has a goal of two million more children and young people receiving a meaningful financial education by 2030.
As part of Talk Money Week, MAPS has also published its first Talk Money Week Toolkit for Schools, to help bring teachers the resources to bring Talk Money Week into education settings.