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Wilson Wright partners with GoHenry to strengthen financial education

Analysis from CBI Economics notes that while financial education has gradually been incorporated into the education system in the UK, it differs by nation with ‘little consistency’ across the curriculum.

Wilson Wright has joined with GoHenry, the prepaid debit card and financial education app for kids aged 6-18, to launch three principles of financial education, following the publication of an analysis they commissioned from CBI Economics.

The firm said all UK children from primary school age “deserve” a financial education that gives them the skills and knowledge they need to manage their money effectively in adulthood, regardless of their background.

The “basic principles” of business and entrepreneurship should be a fundamental element of financial education, so that children understand what it takes to manage their money and start a business and that doing so is an option that is open to them.

Wilson added, financial education “requires” collaboration. It is not only the responsibility of the Government, but also requires collaboration between schools, teachers, parents/carers, families, businesses, universities and the third sector.

Analysis by CBI Economics, commissioned by Wilson Wright and GoHenry, draws on a wide-ranging review of the academic literature on the topic, and found:

  • Financial literacy is an increasingly recognised ‘life skill’ with important implications for people’s lifelong financial outcomes.
  • Improved financial literacy benefits individuals, society, the government, the labour market and encourages entrepreneurship.

According to the firm, the analysis notes that while financial education has gradually been incorporated into the education system in the UK, it differs by nation with “little consistency” across the curriculum.

Drawing on the experience of other countries, the analysis by CBI Economics also found that countries are most successful in improving financial literacy when they develop a national strategy for financial literacy and embrace stakeholder collaboration.

Wilson Wright and GoHenry are now calling on Government, business, schools and the third sector to work collaboratively to deliver on the three principles of financial education.

Adam Cramer, partner and CEO at Wilson Wright, said: “It is all too easy to overlook the vital importance of financial education to children’s future success. One of the chief lessons of our commissioned analysis is that our approach to financial education as a society needs to be much more joined-up to deliver the benefits that children deserve.

“Our principles tie in closely with the Government’s levelling-up agenda. Financial skills and knowledge must not be the preserve of a select few. In particular, as entrepreneurs ourselves and advisors to some of the country’s top entrepreneurs, we want to see a renewed emphasis on promoting the skills needed to enable more people to start their own businesses.”

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