Digital money should be part of the school curriculum

This need is signalled by the coronavirus pandemic which has driven consumers towards digitisation at a much more rapid rate than had been previously forecast. For instance, during the pandemic global trends showed a 300% increase in online searches for the term ‘contactless payment’. Furthermore, in May 2020, NatWest reported that 70% of businesses registering for payment service were new to card payments, indicating a trend away from accepting cash and coin payments.

According to the Global Financial Literacy Survey more than 4 out of 5 17- and 18-year olds in the UK say that they worry about money, and 3 out of 5 call for financial education to be a core subject at school.

The need for this is reinforced by over 90% of parents believing it is the schools’ role to teach their children about money as opposed to it being a parental responsibility.