Financial education is often discussed as though schools in England do not teach money at all. The reality is more complicated. Money management already appears in the national curriculum, particularly through citizenship at key stages 3 and 4, but the depth and consistency of provision can vary between schools.
For families in Cambridgeshire, the useful question is therefore not simply whether financial education should exist. It is how pupils learn about budgeting, risk, borrowing, saving and financial decisions before they leave school.
Where money appears in the curriculum
The Department for Education’s citizenship programme states that pupils should be equipped to manage money and make sound financial decisions. At key stage 3, subject content includes the functions and uses of money, budgeting and managing risk. At key stage 4, financial understanding develops alongside wider citizenship and economic knowledge.
Mathematics also gives pupils the numerical tools needed to understand percentages, interest and financial calculations, although maths lessons are not the same thing as practical personal-finance education.
Why delivery can differ between schools
Not every school follows the national curriculum in exactly the same way. Maintained schools are required to teach it, while academies have greater freedom over curriculum design, although they must provide a broad and balanced education.
That means two pupils in Cambridgeshire can receive different amounts of practical money education even if both encounter some of the same core ideas. Schools may also use PSHE, enrichment activities, external organisations or careers programmes to add material on household budgeting, payslips, tax, credit, pensions or consumer rights.
Practical knowledge matters more than slogans
Financial education is most useful when it goes beyond abstract calls to “be responsible with money”. Pupils need to understand that financial products have costs, risks and conditions. Credit is not automatically harmful, saving is not always simple for low-income households, and investment involves uncertainty rather than guaranteed returns.
Teaching should therefore focus on concepts and decision-making rather than steering pupils toward specific products. Schools are educational institutions, not financial advisers.
Preparing for adult life
Young people may encounter financial decisions soon after leaving school: student finance, apprenticeships, rent, mobile-phone contracts, bank accounts, wages and workplace pensions. A stronger understanding of how these systems work can make those transitions less confusing.
Financial education will not remove wider pressures such as high housing costs or low incomes. But it can give pupils a clearer understanding of the systems they will have to navigate.