The property industry has welcomed the news that children will be taught about mortgages and property borrowing as part of curriculum reforms, with hopes it will result in a new generation of financially confident homebuyers.
Financial literacy will become compulsory in primary schools for the first time from September 2028, with understanding debt and long-term borrowing at its core. And secondary pupils will get strengthened maths teaching on compound interest and mortgage calculations.
Will make real difference
As there are around 12.4 million mortgage holders in the UK, understanding how borrowing works is essential for most of the population.
Jinesh Vohra, CEO of mortgage app, Sprive, says: “It’s fantastic to see financial literacy being made a core part of the curriculum. Teaching children how mortgages work, how compound interest adds up, and how to budget could make a real difference to their future financial wellbeing.”
Financial literacy is a life skill that can make all the difference between keeping on top of your finances or finding yourself drowning in debt.”
Mark Harris, Chief Executive of mortgage broker SPF Private Clients, says: “Financial literacy is a life skill that can make all the difference between keeping on top of your finances or finding yourself drowning in debt.”
He adds: “Teaching children these valuable lessons in the classroom will ensure that nobody slips through the net. However, they need to be taught properly in order to have a real impact, so we would suggest going a step further – rather than teachers adding mortgages to their workload, we would encourage the government to invite mortgage brokers into the classroom.”
And RICS has also welcomed the news, saying: “The Review highlights the importance of incorporating digital and financial education into the curriculum.”
The final curriculum will be published by spring 2027 and will be implemented in September 2028.