Yorkshire Building Society has written to all England’s 5000-plus academy schools urging them to teach financial education from this academic year.
The letters to England’s academies were co-signed by Andy Caton, Yorkshire Building Society chief corporate affairs officer, and Wes Streeting, MP for Ilford North and Treasury Select Committee Member.
While financial education is on the national curriculum it is not mandatory for academies to offer the subject.
Yorkshire said it wanted to make today’s pupils the most financially capable generation of adults.
Andy Caton, Yorkshire Building Society chief corporate affairs officer, said: “Learning how to effectively manage finances is a vital life skill and it’s crucial that children are given the education they need so that they are better prepared now and later in life.
“We hope all academy schools are just as committed to financial education and sign our pledge stating just that.
“Understanding things such as the likely costs of a bank account or loan and being able to make informed choices will help people avoid financial problems.”
Yorkshire has launched a new programme called Money Minds, which enables society employees to deliver financial literacy sessions in a school or youth organisation with pupils aged 5 – 19.
Before leading the sessions, colleagues are trained and receive a selection of toolkits with activities aiming to inspire children to learn about money and prepare for their financial futures.
Wes Streeting MP said: “As a supporter of financial education, I welcome the launch of Money Minds by Yorkshire Building Society.
“Slowly but surely the need for these kind of applied and practical skills for young people is being fully realised.
“I very much look forward to watching the roll-out of the programme, which will allow children to enhance their skills and knowledge in interactive ways.
“All schools, whether they are local authority run or academies, should be including financial education in what they teach. I hope they all pledge to meeting, if not exceeding, the standards required by the national curriculum.”
Michael Mercieca, chief executive of Young Enterprise, a not-for-profit business and enterprise education charity, added: “The delivery of financial education in all schools, including academies, is crucial to ensuring young people develop the knowledge, skills and attitudes they need to manage their money well, both now and in the future.
“By beginning the practise of money management and financial awareness as soon as possible, all young people will gain the confidence and capacity to make the right choices when it comes to their finances.”