A group of MPs are calling for financial education to be compulsory at primary school, so that pupils can learn about filling in tax returns, bank statements and searching for the best mobile phone tariff.
It's two years since finance was rolled out across the secondary school curriculum, and yesterday (May 23rd), MPs published a report stating that it should also be included in primary school education, as well as focusing more on real-life issues.
Research conducted by the All-Parliamentary Group (APPG) on Financial Education for Young People showed that six in ten teachers think that it would be "helpful" if students starting in Year 7 had "some understanding" of how to handle finances.
The report stated that "as it currently stands, there are no requirements on primary level schools to provide any form of financial education to their students".
However, one in five teachers leading classes doesn't believe they have the necessary knowledge to confidently teach the subject.
To date, only 17 per cent of schools have received training or advice on teaching the topic, but the report has called on the Department for Education to ensure that new teachers learn about financial education during their initial teacher training.