Centre for Financial Capability launches fund to boost financial literacy in UK youth

The Centre for Financial Capability has introduced a new Financial Literacy Innovation Fund aimed at enhancing financial education among children and young people across the UK. This initiative welcomes participation from a broad spectrum of organizations committed to fostering financial literacy, ranging from non-profits and social enterprises to for-profit entities.

Research by the University of Cambridge and the Money and Pensions Service has highlighted that money-saving behaviors are established by age seven, underscoring the critical need for early financial education. Despite this, financial literacy is notably absent from the primary school curriculum, leading to only a third of primary-aged children receiving some level of financial education, as per the Centre’s findings.

Stewart Perry, director of the Centre for Financial Capability, expressed his enthusiasm for the Innovation Fund, emphasising its role in exploring, endorsing, and expanding programs dedicated to cultivating financial literacy from a young age. Perry highlighted the current financial literacy crisis among the UK’s youth and the vital need for comprehensive financial education, regardless of geographical or socioeconomic factors.

Established in 2021, the Centre for Financial Capability is an independent charity advocating for effective financial education for all young individuals. It serves as a collaborative platform within the financial education sector, promoting a long-term, evidence-based, and outcome-oriented approach.

The charity enjoys the support of a wide array of financial services firms, including notable names such as the ABI, Columbia Threadneedle Investments, Franklin Templeton, GoHenry, Janus Henderson Investors, Legal & General, Liontrust, M&G, Newton Investment Management, Quilter, and St James’ Place, all of which contribute to its mission.