Financial Education Council

Our vision is to ensure that everyone receives a high-quality and effective financial education

Background and Purpose

Our vision is to ensure that everyone receives a high-quality and effective financial education in order to promote good financial habits early on in life. The purpose of this group is to consider, advise and lead industry initiatives that improve the provision of financial education from primary school age to young adulthood and beyond.

Previous evidence has shown that younger children aged 10–11 changed their financial habits following successful intervention in primary school. We understand that it shouldn’t stop here, as more recent studies have highlighted that many young people are still entering the world of work not being prepared for the money-related realities that lie ahead. This can lead to debt problems, affect their mental health and also find them suffering in the workplace.

Areas of focus

Ensuring everyone receives access to high quality and effective financial education early on in life.
Scope of the FEC defined to focus on education of young people up to the age of 26
2024 priorities agreed as:
- Lobbying and influence of financial education to be included in the OFSTED curriculum, with support to schools and teachers to make this a practical reality
- Delivery of financial education via non-schools’ channels (e.g. sports and other community groups)
- Delivery of financial education consistently via financial products and services which are targeted at young people
Supporting the Centre for Financial Capability and its mission to ensure every child in the UK develops the skills and behaviours necessary to navigate critical financial decisions in their life – starting from primary school.
Supporting staff in the workplace with personal financial education, through training provision (the essentials of money management).

The Centre for Financial Capability
TISA supports new charity founded to target primary school financial education as new research shows almost a quarter worry about money.

TISA is delighted to support the Centre for Financial Capability and its mission to ensure every child in the UK develops the skills and behaviours necessary to navigate critical financial decisions in their life – starting from primary school.

This charity was formed by the backers of KickStart Money, an award-winning coalition of financial services firms founded in response to ground-breaking research by the Money and Pensions Service that showed money habits are formed by age 7. Now, having proven the impact of early intervention financial education, the members of KickStart Money put their commitment on a longer-term more sustainable footing to combat the key challenges preventing effective financial education for all.

Structure of Meetings

The Financial Education Committee meets quarterly, the TISA lead in this area is Sophie Legrand-Green, Policy Executive at TISA.

Achievements of the Group

Working groups set up to progress the three 2024 priorities
TISA and the backers of our previous Kickstart Money scheme supported the launch of The Centre for Financial Capability (TCFC) in 2020 and its mission to ensure every child in the UK develops the skills and behaviours necessary to navigate critical financial decisions in their life – starting from primary school.
TISA successfully launched its first training initiative on The Essentials of Money Management, which is aimed at providing people with the tools and confidence to make sense of everyday money matters, including budgeting, saving, investing and borrowing. The programme has been piloted and is in rollout to work places, and is being further developed to use in a broader set of audiences in the community.

Participating member firms

Baringa Partners LLP
CMC Markets Investments Limited
CMS Cameron McKenna Nabarro Olswang LLP
Columbia Threadneedle Fund Management Limited
Columbia Threadneedle Investments EMEA
Cushon Money Limited
Dentons
Enterprise Investment Scheme Association
Equiniti Financial Services Limited (EFSL)
Forester Life
Franklin Templeton
GoHenry Family Finance Limited
Invesco
Investec Wealth & Investment Limited
James Hambro
JPMorgan Asset Management
L & G plc

Link Group
LVFS
OneFamily
Pershing
Phoenix Group
Rebalance Earth
Schroders PLC
Scottish Friendly
Scottish Widows Plc
Shawbrook Bank
Simplify Consulting
St James Place Wealth Management
Tesco Bank
The Centre for Financial Capability
The Tracing Group
Unbiased Limited

Observers

Money & Pensions Service (MAPS)

Sophie Legrand-Green, Policy Executive leads on this work at TISA

Chair: Nici Audhlam-Gardiner, Foresters UK

Financial Education Council

Background and Purpose

Areas of focus

Structure of Meetings

Participating member firms

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