Martin Lewis has accused the Government of a financial education 'farce' and urged ministers to fund apps and games to teach children vital money skills in schools. The MoneySavingExpert founder told the Commons Education Committee that there are 'zero resources' going into teaching financial literacy, despite the subject being on the curriculum.
Mr Lewis revealed he was forced to personally fund the first ever financial education textbook, Your Money Matters, after the Department for Education (DfE) said it would not happen otherwise. He funded 350,000 copies and free online downloads in 2021, covering topics such as saving, budgeting, borrowing, student finance, pensions, investments, benefits, gambling, debt, insurance, security and fraud.
However, Mr Lewis said the DfE also prevented him from using a publisher, forcing him to self-publish and print. 'If we didn't self-publish we couldn't get the Department for Education to do the letter it did to schools supporting the textbook. Forgive me but what a bloody farce? Is that not just ridiculous?' he said.
The financial journalist called for ongoing teacher training, proper textbooks, and digital resources like apps and games. 'We need a rounded funded way to do this and we're talking low numbers millions of pounds. We're not talking hundreds of millions. But maybe the state could pay this time and not me,' he added.
Mr Lewis rejected the argument that financial education is a parent's responsibility, warning it perpetuates a cycle of 'financial knows' and 'financial know nots.' He stressed the need for universalised, properly resourced financial education taught by trained teachers.
Schools Minister Damian Hinds acknowledged there is 'more than there used to be' but expressed ambition for two million more children to receive meaningful financial education by the end of the decade.
