Consumer champion Martin Lewis has launched a scathing attack on the government's approach to financial education, labelling current GCSE provisions as "grossly inadequate" and accusing ministers of ignoring expert recommendations.
The Money Saving Expert founder, who has long campaigned for better financial literacy in schools, revealed his deep frustration with the Department for Education's response to proposed reforms. Despite extensive consultations with financial experts and educational specialists, key recommendations appear to have been sidelined in the latest curriculum changes.
What's Missing from the New GCSEs?
According to Lewis, the government's current plans fail to address fundamental gaps in young people's financial knowledge. "We're sending children out into the world without the basic skills to manage their money effectively," he stated. "This isn't just about understanding interest rates - it's about preparing them for real-world financial decisions that will affect their entire lives."
The proposed reforms would have integrated practical money management skills directly into GCSE mathematics and citizenship curricula, ensuring all students receive comprehensive financial education regardless of their subject choices.
Expert Advice 'Gathering Dust'
Lewis expressed particular concern that detailed recommendations from financial education specialists have been largely disregarded. "We provided clear, workable solutions based on extensive research and classroom experience," he explained. "To see that work ignored is both frustrating and deeply worrying for the financial future of our young people."
The current system, he argues, leaves many students without essential knowledge about topics like mortgages, pensions, credit scores, and household budgeting - skills increasingly crucial in today's complex financial landscape.
Growing Pressure for Change
The criticism comes amid increasing concern about the UK's financial literacy levels. Various studies have shown that many young adults lack confidence in managing their money, with significant numbers struggling with debt and financial planning.
Educational experts and consumer groups are now joining Lewis in calling for urgent revisions to the proposed GCSE reforms. They argue that improving financial education could have far-reaching benefits, from reducing personal debt problems to strengthening the overall economy.
As the debate continues, all eyes are on the Department for Education to see if they will reconsider their position and incorporate the expert advice they've received.
