It is sometimes argued that teaching children to manage money is the responsibility of parents rather than schools. While I agree that parents play a vital role, I believe that schools should share this responsibility, since relying on families alone would leave many children unprepared.
There are clear reasons why parents are well placed to teach financial skills. Money management is learned through everyday experience, and children observe how their parents shop, save and pay bills long before they receive any formal lessons. Parents can give children pocket money and allow them to make small decisions, such as saving for a toy rather than spending immediately, which teaches the value of patience in a practical way. Family conversations about budgeting for a holiday or choosing between two purchases can also make abstract ideas concrete.
However, leaving this task entirely to parents would be unfair to many children. Not all adults manage their own finances well, and some may struggle with debt or lack knowledge of topics such as interest rates, loans and pensions. Children in such households would inherit the same gaps in understanding. Schools, by contrast, can ensure that every pupil receives the same basic education regardless of their background. A series of lessons on budgeting, the cost of borrowing and the risks of high-interest credit could protect young people from serious mistakes when they first earn money. Furthermore, these topics fit naturally into mathematics, where pupils can practise calculations using realistic situations such as comparing phone contracts.
In conclusion, parents have a valuable role in shaping their children's attitudes to money through daily example. Nevertheless, financial literacy is too important to depend on the knowledge of individual families, so schools should provide a foundation that all children can rely on.