Young people lack the financial education to equip them for entrepreneurship. Almost one in five young people (19%) in the UK say that better financial education at school and college would help them to set up or grow a business, according to data from the Federation of Small Businesses (FSB) released to mark National Numeracy Day (21 May).
FSB says that the government must now make financial education a compulsory part of the national curriculum in England.
Almost a quarter (24%) of young people in the UK struggle with financial knowledge when it comes to starting and running a business, while one in ten (10%) say they struggle with maths, according to FSB’s Generation Entrepreneur research, with Simply Business.
FSB is calling for all secondary schools, and primary schools at Key Stage 2, in England, to give effective financial education to equip young people with the skills needed to start their own business.
Jennifer Thomas, area manager at the Federation of Small Businesses, said: “To thrive in business, the next generation needs strong financial skills—starting from an early age. That’s why it’s time for the Department for Education to make financial education a compulsory part of the school curriculum and ensure teachers are properly equipped with the training and tools to deliver it.
“Whether it’s understanding taxes, applying for funding, managing invoices, or handling personal finances alongside a growing venture, young people deserve the knowledge that will give them the confidence to succeed. Embedding financial literacy into education will lay the foundation for future entrepreneurs and a more financially savvy society.”
