King's College London

The UK isn’t saving enough. More than 11 million working-age people in Britain do not have at least £1,000 in the bank for a rainy day, while even more – 13 million – are not putting away enough for an adequate retirement.

The cost-of-living crisis and the country’s stagnant wage growth are obviously contributing to this – and these economic pressures are all the more reason to make sure we’re equipping the public with the knowledge they need to be as financially resilient as possible.

If we’re to do so, we need to start educating people at a young age – and it looks like the nation is falling short on this front. Just 1% of primary school teachers believe the majority of their pupils possess adequate financial skills.

That’s why it was welcome when the new education secretary, Bridget Phillipson, pledged last year to teach “real world” maths skills in schools, including financial literacy and budgeting from as early as the age of four.

But how practical is it for teachers to implement meaningful financial education in their classrooms?

Time, resources, and prioritisation have been cited as the biggest barriers to delivering this in primary schools, but this hasn’t been the case for one financial literacy programme that we’ve been evaluating at King’s College London.

Delivered by the financial education charity RedSTART to more than 6,000 primary school pupils across the UK, the Change the Game programme has revealed strong buy-in, with 98% of teachers surveyed saying they’d recommend it to other schools. So what lessons do RedSTART’s approach, and our research, provide for others?

First, make it easy for classroom teachers. There isn’t the time for teachers to deliver high-quality financial education without accessible, easy-to-use resources. Give these to teachers and they can improve their students’ financial knowledge.

RedSTART’s training was efficient, only taking staff approximately 30 minutes, and the resources and lesson plans were organised by the RedSTART team. Teachers told us: “It's planned, it’s resourced – we just have to make sure we deliver it in the right way.”

By the end of the year, 85% of teachers felt more confident in delivering financial education.

Staff members also felt positive about carving out time for financial education when they felt it could be linked to the broader curriculum. There were some clear connections to the maths curriculum, as compound interest and spending decisions were discussed, but teachers also found value in more varied connections across subjects like history and geography.

Given the pressures on curriculum time, finding space for financial education is easier for teachers when leadership staff can see how it fits into the wider picture.

The second lesson is to use additional staff strategically. RedSTART’s model offered ongoing external support to teachers, which was crucial in helping school staff manage the programme.

Teachers were grateful to have “an additional pair of hands” and “an expert” to whom they could turn with questions. As a result, 91% of surveyed staff said it was straightforward to deliver the programme.

Corporate volunteers also played a key role. RedSTART recruits professionals from financial services companies to help deliver workshops for older students. This appears to take a huge weight off teachers, and improved student engagement.

67% of teachers reported their students had “very high” engagement in the volunteer-led activities, and students “really looked forward” to volunteer sessions and developed strong relationships with the volunteers.

The activities were also varied and often game-based. For example, students learned about interest rates and investment as a scammer tries to take the “money” they’ve earned by completing quick challenges.

An interactive app allows students to complete maths quizzes to earn virtual money that they can save, invest, or use to buy physical items in a shop in the school, like stationary or small games.

90% of staff said they enjoyed delivering Change the Game, confident that their students would be engaged and eager to learn.

And the impact is clear. After just one year, our research shows there has been a significant improvement in pupils’ financial knowledge.

When Bridget Phillipson announced the government’s review of the curriculum last month, she said dedicated school staff have been “held back by a curriculum and assessment system that fails to prepare enough of our children for work and for life”.

Decisions about what we do with our money are among the biggest and most consequential we’ll ever make. And from our evidence to date, programmes like RedSTART’s shows that we can equip young people with the financial skills they need, without adding to teachers’ workloads. This kind of impact shouldn’t be ignored.

Jack Lawton-Summers is a Research Associate at the Policy Institute, King’s College London.