A major new global study from Santander has revealed a significant shift in what UK parents believe is essential for their children's schooling, placing financial literacy near the top of the list.
Public Demand for Financial Skills in Schools
The bank's report, which surveyed customers across ten international markets, found that people rank financial education second only to mathematics in importance among core school subjects. In the UK, the belief is that teaching children about finance is more crucial than traditional subjects like history or science.
Santander, which serves millions of UK customers including in Birmingham, explored public attitudes and knowledge. The findings show that 71% of UK respondents consider themselves fairly or very knowledgeable about financial matters, a figure higher than the global average of 61%.
However, this confidence masks clear gaps in understanding. Nearly half (48%) of people in the UK admit they wish they had been taught more about pensions during their education. Furthermore, close to two-thirds express a desire to be more knowledgeable about investing their money.
Risk Appetite and Upcoming Curriculum Changes
The research also provided an update on risk appetite, showing that 31% of people would be willing to invest their cash in stocks and shares. In contrast, a majority of 55% stated they are unwilling to take such risks with their money.
This announcement is particularly timely for parents with school-age children, as it coincides with a planned overhaul of the UK national curriculum. From 2028, all primary and secondary school pupils are set to receive mandatory lessons covering essential financial concepts.
The new curriculum will include practical education on budgets, personal money management, understanding mortgages, and the power of compound interest. Mike Regnier, CEO of Santander UK, strongly endorsed the move, stating: “Mandatory financial education, which we have been calling for, will help establish a stronger knowledge of financial and economic concepts, benefiting not only individuals, but the UK economy at large.”
Teacher Insights and Implementation Challenges
While welcomed by many, education professionals have highlighted that the changes will require adequate training and support for teaching staff. One headteacher, speaking to the BBC, outlined the practical topics being introduced, such as distinguishing good from bad credit, identifying online scams, and lessons on mortgages and tax.
The educator emphasised the critical nature of this learning, arguing: “If we don't teach them those things, we're doing them an absolute disservice because they are not going to be equipped to survive and to thrive when they leave school, no matter how good their grades are.”
The Santander report ultimately underscores a growing public consensus: equipping the next generation with financial skills is no longer a nice-to-have, but a fundamental requirement for navigating modern adult life.