£21 million to change a generation: the case for financial education now
It is hard to believe that only four months have passed since I first saw that Morning Wire had partnered with City Pay It Forward. In truth, it feels far longer, because the cause they champion — financial education for the next generation — is one that has mattered to me for most of my adult life.
When the partnership was announced, I shared the news on LinkedIn and immediately began asking myself a simple question: what can I do to help? For years I have been vocal about the UK’s pressing need to put financial literacy at the heart of our education system. If we expect young people to navigate an increasingly complex world — where understanding money affects everything from deciphering everyday deals to planning for long-term security — then we must give them the tools to do so.
Yet as a country, we still fall short. Too many young people leave school without even the basics: how to budget, save, invest, or plan for the future. Concepts like pensions, tax planning, and charitable giving are often left unexplained until adulthood, when mistakes become costly and harder to reverse.
That is why City Pay It Forward’s work is so important. Here is a not-for-profit organisation with a fully developed curriculum, ready to be adopted immediately, and capable of supporting every school in London for just £2 million. Yes, schools, governors, and parents are under immense pressure, and priorities compete for limited time and resources. But financial literacy is not a luxury: it is a life skill.
Progress has been made, but the journey is far from complete. Schools often ask parents to partner with them in teaching life skills, but many parents themselves were never taught these basics. This is why widespread adoption of the City Pay it Forward programme matters. And nationwide roll-out — costed at approximately £21 million — is hardly an extravagant ask for a country where financial services account for more than 10% of the economy.
Billions in profits are generated each year by financial institutions, banks, and associated firms, employing millions across the UK. At a time when every organisation is being asked to justify its societal contribution, supporting financial education is one of the most meaningful investments the sector could make. And City Pay It Forward is a charity — so even those motivated more by tax efficiency than altruism can still do good while doing well.
We have a collective responsibility to equip the next generation with the confidence, competence, and clarity that financial literacy brings. It is not just about money. It is about opportunity, resilience, independence, and fairness.
City Pay It Forward has laid the foundation. Now it’s up to all of us — government, industry, educators, and individuals — to help build on it.
Note: The above are the writers’ personal views and not those necessarily of First Equity Limited.