The UK is a big player in international finance. As an established global finance centre, settling there means gaining access to a well-developed open market, vast amounts of capital, and a highly skilled, cosmopolitan workforce.
Major cities like London boast an attractive business environment that appeals to industry-leading finance firms, which is one reason why the UK has become a leading net exporter of financial services worldwide. The country has a vibrant financial education landscape as a result, with a variety of providers available to meet different goals and budgets.
For immigrants, we understand that you’re particularly interested in securing your—and your family’s—financial future. So here’s our Remitly guide to the UK’s top free and low-cost financial education resource providers to help get you started.
Financial literacy in the UK
According to the World Bank, financial literacy is about making the most of your resources. Essentially, it involves two key elements: the ability to manage your finances, and the knowledge to back informed decision-making about your finances in the short- and long-term.
In the UK, policymakers refer to this skill set as “financial capability.” The Financial Services Authority expanded its definition to the ability to:
- Track your finances
- Budget and live within your means
- Build savings
- Plan for retirement
- Invest in sound financial products
- Keep up with the latest financial trends and innovations
Financially educated people are the bedrock of any healthy, thriving economy. By understanding how money works, you can reduce stress, improve your financial wellbeing, and protect yourself against sudden setbacks. You will also become a better money manager, guaranteeing stability and economic security for you and your family in the long run.
Top providers of financial education resources in the UK
Despite its significant role on the global stage, financial literacy rates in the UK are lower than expected—especially among young people. Not much data is available, but what we do know is that up to 44% of British people lack adequate financial education.
Struggling to create and stick to a budget? Or maybe you’re thinking about the future, and you want to start saving for retirement. Luckily, numerous free and low-cost education resources are available in the UK for anyone seeking comprehensive money lessons, no matter your financial goals.
The Money Charity
The Money Charity is a dedicated financial wellbeing and financial education non-profit that has operated in the UK for over 30 years. Throughout this time, it has helped empower the nation by designing and delivering engaging lessons and advice on money matters.
The charity provides educational materials with several unique features:
- They are free.
- They are tailored to people at all key stages of life, from students to adults.
- Some programmes also offer career-building skills.
It also plays an important role in supporting financial wellbeing through research and policy action.
Here are some of the resources The Money Charity offers:
- Financial education workshops for school and college students, those in university, as well as young people in different communities.
- Financial wellbeing programmes for adult workers and community groups.
- Financial education, capability, and wellbeing consultancy.
In addition, the charity provides information resources that help improve your strategies for saving, financial planning, debt management, and more. Find out more details here.
Young Citizens
On the other hand, Young Citizens takes a slightly different approach. The London-based charity focuses on citizenship education, helping Brits become more engaged in developing their communities. A big part of this is getting better at managing your money, as this will enable you to contribute to small businesses and taxes supporting the local economy.
That’s why the charity offers several free teaching resources designed to build financial literacy from a young age. These lessons benefit both students and teachers in different ways:
- Young people become more familiar with topics like money, taxation, the economy, individual spending, and financial trends.
- Meanwhile, educators can meet curriculum requirements for citizenship and spiritual, moral, social, and cultural (SMSC) development in pupils.
Young Citizens’ financial education programmes and lesson plans are ideal for students between 5 to 18 years old. Some of them include:
- Money—Wants and Needs helps students understand money, spending, and how to differentiate wants from needs.
- How does the Budget Impact Me and Others? provides real insights into how the national Budget affects personal finances.
- Why Do We Pay Taxes 1 and Why Do We Pay Taxes 2 is an immersive series explaining taxation, how it funds public services, and how community mobilisation can influence how local councils allocate these funds.
- The Government and the Economy breaks down government spending and the forces behind funding decisions.
- You Decide! is another two-part series providing practical money management skills.
Discover the charity’s full range of financial literacy resources here.
MoneySense
Do you prefer to learn through more gamified experiences? MoneySense offers the perfect solution. This free financial education programme, provided by one of the UK’s major banks, NatWest, prides itself on its fun, unbiased approach and offers downloadable games and resources for learners of all ages.
MoneySense is unique in that it educates the whole community. Kids learn lifelong money lessons through engaging activities. Meanwhile, parents and teachers get the tools to boost their own financial literacy and share the lessons with their families and students.
To accomplish this, the MoneySense programme offers tailored resources for each group:
- The Island Saver game, which teaches kids about sustainability and resource management.
- MoneySense workshops, where finance professionals volunteer to teach students in different age groups about money.
- Helpful resources and challenges to help parents get the whole family involved.
Learn more about this programme here.
MSE’s Academy of Money
MSE’s Academy of Money, created by the Open University in collaboration with the consumer website Money Saving Expert, is a free online course that provides an introduction to different areas of financial literacy. The programme is split into six sessions and covers key topics like spending, budgeting, saving, borrowing money, and planning for retirement. It even offers CPD (Continuing Professional Development) points upon completion.
Best resources for teachers and students
Starting financial education early is the best way to build financial literacy and establish a strong savings culture in the UK. That’s why experts say teachers will play a vital role in making this very necessary shift a reality in every classroom. But first, they must have access to the right tools.
Financial education resources tailored for teachers in schools
Equip educators with the right tools, and they will be able to integrate money lessons easily into the curriculum. Luckily, there are plenty of financial education programmes that cater to teachers’ unique needs:
1. Talk Money Week toolkit
The Talk Money Week for schools is an annual initiative offered by the UK’s Money and Pensions Service (MaPS).
By using this toolkit, teachers can open lines of communication with their students about money. This helps cement good financial habits and encourages more learners to build savings, open a bank account, and confidently manage day-to-day spending.
Learn more about MaPS’ contribution to financial literacy nationwide on their official website.
2. Change the Game programme
UK-based charity RedSTART supports children in primary schools across the country by offering financial education through progressive learning. Since launching its Change the Game programme, over 6,000 students have participated in the initiative—and 98% of educators endorse its implementation in other schools.
Change the Game delivers fun, play-based money lessons through engaging workshops and in-school activities. Learning continues at home in the form of interactive family challenges and an app that rewards pupils for every real-world challenge they can solve.
Teachers can get the ball rolling using fully-accredited content based on Financial Education Frameworks developed by the charity, Young Enterprise. Furthermore, these frameworks prioritise physical, social, health and economic (PSHE) education and offer Welsh language support.
3. MoneySense for Teachers
We’ve already explored MoneySense and the resources offered to students and parents, but what about teachers?
For this group, the MoneySense programme provides activity sheets, lesson plans, and informational videos to help educate students about money. In addition, teachers can schedule and book workshops that bring volunteer bank employees to classrooms to guide students on money matters.
Discover the financial education resources available to teachers through MoneySense here.
Recommended money courses and materials for students
Students can also access a wide range of free and low-cost financial literacy materials throughout the UK. These are some popular options:
- Money and Me, a PSHE programme designed by the Bank of England offering free, up-to-date financial education and critical life skills. Explore more free resources here.
- My First Money Adventure: How to Save for Big Dreams is an interactive storybook that introduces children to money in a fun, age-appropriate way.
- Financial services firm PwC offers a broad Financial Literacy Skills Curriculum that teaches students how to manage money and provides competitive job skills.
- Your Money Matters is a comprehensive textbook for students who want to learn the basics of insurance, saving, investment, and more.
- The Student Money Manual from The Money Charity equips students to budget, save, and manage money while at university.
- Free resource Moneybox Productions uses skits, props, and downloadable resources to help young people understand money and gain essential financial skills.
Benefits of free and low-cost financial education resources
According to the latest data, 71% of adults in the UK say they would have had better outcomes if only they were more financially educated. From managing money to weathering economic downturns, many believe financial education is the basis of a healthy financial life.
As a result, free and low-cost learning materials have become exceedingly popular in the UK. They offer several attractive benefits:
- Financially literate individuals manage money better on a daily basis.
- They are also more confident when dealing with money matters such as savings, investments, insurance, and taxes.
- Learners also develop more positive attitudes towards money.
- Understanding money helps develop critical-thinking and problem-solving skills.
- In addition, financial literacy has a knock-on effect on the UK economy, promoting stability and long-term growth.
How to access financial education resources in the UK
People in the UK can easily find a wealth of educational resources to boost financial literacy:
- Government services: Get in touch with your local authority and find out what programmes and incentives they offer. You can use this interactive map to find your nearest provider.
- Online platforms: If you want even more accessible options, search online and see what resources are available out there. Most UK banks and reputable financial firms offer quality financial education materials online, allowing you to improve your financial literacy anywhere, at any time.
- Free courses and workshops: You can also seek out organisations and nonprofits offering free financial education programmes, courses, and workshops online or in-person.
Practical tips to enhance your financial literacy
Besides using these innovative resources, you can start implementing small changes now to improve your finances. Here are a few helpful ideas:
- Create a personal budget that considers the current cost of living in the UK. Offer yourself incentives to stick to the plan, such as eating out or regular self-care days.
- Keep track of your income, spending, debts, savings, and investments, and make regular adjustments.
- Do your research to find the most competitive financial products on the market. This simple move could help optimise your savings and investments.
- Stay informed on the latest financial news and global trends to make the best financial decisions.
- Sign up for reputable financial education programmes, courses, workshops, and bootcamps to keep your knowledge and money management skills sharp.
With these easy tips, you can build long-term financial resilience and wellbeing for you and your family while living in the UK. And when it comes to your secure money transfer needs, Remitly has got you covered.
FAQs
What is financial literacy in the UK?
Financial literacy, or financial capability as it’s referred to in the UK, is defined as the ability to budget, track your finances, build savings, plan for retirement, invest in sound financial products, and keep up with the latest financial trends and innovations.
How can I get a financial education in the UK?
There are numerous free or low-cost financial education programmes and resources available to people living in the UK. The most popular providers are government bodies, private organisations, and nonprofits.
Which course is the best for financial education?
Currently, there is no data ranking financial education providers in the UK. However, some popular options include programmes from organisations like The Money Charity, Young Citizens, MoneySense, Money Adventure, Moneybox Productions, and more.
