Personal finance education in the Nationwide Curriculum

Date: 21 September

School Year: 2014/15 Overall Grade: B+

Teacher views

  • Two fifths (39 per cent) of teachers believe having financial education in the curriculum is NOT making/will NOT make a difference to the way children view money.
  • Nearly nine in ten (89 per cent) teachers agree that personal finance classes should be interactive.
  • Only a quarter (26 per cent) of teachers taught financial education/personal finance last year.
  • Around one in ten (12 per cent) said they will be teaching it for the first time this coming year.
  • Nearly two thirds (63 per cent) of teachers who said they taught financial education/personal finance last year said their pupils were thoroughly engaged in the content. 15 per cent said they were not.

Pupil views

  • Only 58 per cent of pupils think learning about personal finance has helped or could help them be more responsible with money.
  • Four in five (80 per cent) of pupils want financial educations lessons to be more interactive and enable them to get more involved.
  • Only a quarter (25 per cent) of children said they had lessons about financial education during the last school year.
  • Three quarters (74 per cent) said they were encouraged to save money as a result of what they learnt in financial education lessons.
  • The top three things children want to learn about in financial education classes are: Saving (59 per cent), How to Budget (49 per cent) and Credit Cards (35 per cent).

Teacher views

“The first year of financial education has proved to be a good one for parents, teachers and children, but evidence from our research suggests that improvements could be made to make the subject more meaningful.

“Just a quarter of children said they had taken part in personal finance lessons. The harsh reality is that those with poor numeracy skills are twice as likely to be unemployed and more likely to be in debt.

“Parents believe it is their responsibility and that of the schools to teach children about the importance of money, but we believe everyone has a role to play in ensuring a better understanding of essential every day number skills, including money.

“That includes Nationwide, and we’ve taken an active interest in encouraging greater awareness around money management, setting ourselves the tough target of improving the numeracy skills of 200,000 people by 2017. And to do this, we’ve launched Saving the Day; an interactive, National Curriculum-based game designed to help students, parents and teachers alike learn about money management in a fun and engaging way.”

Things to improve on in 2015/16

  • Get interactive – make lessons more engaging for pupils and teachers by utilising Nationwide Building Society’s new interactive game, Saving the Day.
  • Continue to introduce financial education into Personal Social Health Education (PSHE) lessons.
  • Teach a broader range of elements – savings, budgeting, credit and debt.

Parental views

  • Nearly four in five parents (79 per cent) believe that learning about personal finance in school is going to encourage their child(ren) to save.
  • Parents and schools should be the key drivers for financial education. Nine in ten (90 per cent) parents think the responsibility for teaching children about money rests with themselves as parents/carers.

Notes to Editors

1 The poll of 1,609 parents of children aged 11-16 who were in school last year and their children, and 291 secondary school teachers was carried out for Nationwide by online market researchers,, and took place between 6 August and 19 August 2015.

About Nationwide

Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

Please note: If you are a customer looking for information on our products and services, please visit the main website.