Are parents the real money influencers?

The message from kids is clear – they want money lessons, and they want them now. GoHenry’s Kids’ Eye View of the National Curriculum found that 84% of kids and teens want financial education to be made compulsory in the new National Curriculum – but, as it stands, over two-thirds of 18-year-olds are worried about leaving school without any money skills.

Parents are stepping up, with almost three-quarters (72%) of kids saying they’ve learnt money skills at home. Plus, a new Finder survey found that 83% of parents have tried to teach their children about money matters. However, the same research reveals that more than a third (35%) of parents still lack confidence about certain money topics.

Homeschooled in money

It’s not just the kids who are keen on having financial education in the curriculum. Despite not all parents feeling confident, around a third of parents (35%) have tried to teach their children about money management because they don’t believe their children receive enough education on this topic at school.

Meanwhile, with the cost-of-living crisis still squeezing households, it’s no surprise that 43% of parents say it’s pushed them to teach their kids about money, while 28% said it was because their parents taught them. For around 1 in 5 (19%), it was because they weren’t taught, and want better for their kids.

The rise of the confident money mentor

There are encouraging signs, as parents’ confidence in teaching key money topics has increased. Now, almost two-thirds (65%) of parents are confident, up from under half (48%) 2 years ago. Once again, overdrafts are the topic parents are most confident in teaching their kids about. Around three-quarters (74%) are confident, up from two-thirds (67%) in 2023.

However, there are still some subjects that parents find tricky to explain. The base rate is one of these, with around 1 in 5 (21%) unconfident in teaching this topic.

Should financial literacy be left to parents alone? Absolutely not. Parents play a vital role in starting money conversations at home, but the best results come when schools back that up.

Research from the Money and Pensions Service found that children who learn about money both at home and in school show the strongest day-to-day money skills — proving that a combined approach really does pay off.

If kids wrote the curriculum, here’s what they’d teach

So, what do kids actually want to learn about money at school?

According to GoHenry’s Kids’ Eye View of the National Curriculum Report, how to save money is top of their wishlist, with almost half (46%) wanting to learn this, followed by the big subjects of how to buy a house and how to earn money and build a career, chosen by a third (34%).

Kids want to set themselves up for success – and that starts with knowing how money works. While the kitchen table is a great place to talk about saving and spending, children also want practical, real-world lessons delivered to them.

Not every child has a money mentor at home

What happens when money isn’t talked about at home? Around 1 in 6 parents (17%) don’t teach their kids about money, leaving a big gap if schools don’t step in.

Research from UCL in 2023 shows that socioeconomic divides in financial education start to appear by the end of primary school — and often persist into the teenage years. Children from lower-income families are less likely to have their own bank account, which means they’re missing early, hands-on experience with money and the confidence that comes with it.

Making financial education compulsory in all schools would level the playing field – giving every child the same chance to build money skills that last a lifetime. It’s a simple step that could make a lasting difference. This is why GoHenry has been leading the charge to campaign for money lessons to be made compulsory from primary school age on the Government’s Curriculum & Assessment Review. Find out more about their campaign here.