GoHenry, which provides prepaid debit cards for under 18s, has launched a petition calling on the UK government to make financial education compulsory in all primary schools.

The petition has been backed by MPs including Peter Gibson and charities like the Centre for Financial Capability.

GoHenry said that want to see teachers given the resources, time and knowledge they need to equip children with the practical money skills needed to navigate real-world finance successfully, at an age when it will have the biggest impact.

The FinTech citied research which found that adults who have learned money skills at a young age are more likely to hold higher-paying jobs and could contribute an extra £202 billion to the economy by 2050. Additionally, they will be £70,000 richer in retirement, it said.

Louise Hill, co-founder and chief executive of GoHenry, said that schools could model lessons on the bikeability scheme which teaches children cycling proficiency to ensure consistent and high-quality teaching from experts.

“Numeracy skills are vital both in the workplace and everyday life, but we would like to see the government prioritising the practical money skills children need to navigate real-world finance successfully,” Hill said. “The evidence is clear that this will help individuals be more financially savvy, encourage entrepreneurship, and provide a significant long-term economic boost to the whole country. If the Prime Minister is serious about reimagining our approach to numeracy, this is the change that will make the most tangible difference.”

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