Financial education is one of the most valuable life skills a person can have, yet it is often overlooked in our current education systems. With rising levels of debt, economic uncertainty, and increasing financial complexity, the need for early financial literacy is more crucial than ever. But whose responsibility is it to teach children about money? There is no simple answer to this question, as financial education is shaped by multiple influences, including parents, schools, and society as a whole.
Parents: The First Teachers
Parents are a child's first and most influential teachers, and financial education is no exception. From an early age, children observe their parents' spending habits, attitudes towards money, and financial decision-making. Teaching kids about budgeting, saving, and the value of money should ideally begin at home. Parents can introduce basic financial concepts through pocket money, savings jars, and real-world experiences like the weekly food shop or planning for big purchases.
However, not all parents are equipped to provide financial education. Many adults struggle with their own financial literacy and may not feel confident teaching their children about money. This creates a cycle where financial knowledge gaps persist across generations.
Schools: A Necessary Role
While parents play a fundamental role, schools should also take responsibility for financial education. Just as they teach maths, science, and history, schools should equip students with practical financial skills like budgeting, credit management, investing, and understanding loans. Including financial literacy in the curriculum ensures that all children—regardless of their parents’ financial expertise—have access to essential knowledge.
Some schools have introduced financial education programmes, but these are often limited in scope. Given the impact of financial decisions on long-term success, financial literacy should be a core subject, not an afterthought.
Society: A Collective Responsibility
Beyond parents and schools, financial institutions, government agencies, and the broader community have a role in promoting financial literacy. Banks, building societies, and investment firms can offer educational resources, workshops, and interactive tools to help young people develop money management skills. Governments can make financial education compulsory in schools, create public awareness campaigns, and provide accessible financial resources to families.
Technology also plays a part in modern financial education. Apps, online courses, and gamified learning platforms can make financial literacy engaging and accessible to kids from all backgrounds.
A Shared Effort
Ultimately, teaching children financial literacy should be a shared effort. Parents should lead by example and teach money management at home. Schools should formalise financial education to ensure all students receive a solid foundation. The broader society should provide resources and support to reinforce these lessons.
By working together, we can empower the next generation with the financial knowledge they need to make smart decisions, build wealth, and achieve financial independence. It’s time to prioritise financial education—not as an afterthought, but as a fundamental life skill.