Most UK parents want schools to spend more time on personal finance and less on sex education

Research conducted on behalf of financial education charity MyBnk and global bank MUFG has found that parents in the UK do not believe that schools do enough to equip pupils with personal finance skills.

54% of parents polled agreed that schools should spend more time teaching personal finance, and 55% would cut time from the national curriculum to ensure their child received more money lessons in things such as budgeting and avoiding debt.

Just under a third of parents polled think that schools should spend more time teaching sex education and relationships, with almost two thirds believing that sex education should be taught mainly at home.

The YouGov poll of 1,043 parents of children under 18 also found sharp generational and regional divides in attitudes towards life skills topics.

Consultation fears

The findings come as the Department for Education consults on the teaching of Personal, Social, Health and Economic Education (PSHE) in English schools.

It is widely expected the subject will be put on a statutory footing, mainly as a result of the new Children and Social Work Act placing a duty on the Secretary of State for Education to make relationships and sex education mandatory.

MyBnk and other charities fear that unless financial education remains a PSHE topic, many young people will not be able to learn how to manage their money or make informed financial decisions.

The Financial Conduct Authority has warned of a “pronounced” build-up of debt among young people and that the young are borrowing for basic living costs.

The average unsecured debt for those aged 25-34 is £11,485 – five times that of those aged over 55, according to accountancy firm PwC. The Money Advice Service say just 7% of pupils talked to their teachers about money last year and that money habits are being formed around the age of seven.