Bring Financial Experts into Schools or Risk a Generation in Debt – Entrepreneur Warns

An entrepreneur and businessman says urgent reform of the education system is needed or Britain risks creating a culture of debt dependency.

Staffordshire based Mo Chaudry, who began his career by founding a successful financial services business before acquiring and later selling the Waterworld leisure resort, runs a portfolio of UK and international businesses.

The warning comes as the House of Lords debates the supply of qualified teachers this week, highlighting a growing national concern about whether schools are equipped to deliver a broad and effective curriculum. Mo argues that financial education, made compulsory in the citizenship curriculum for 11–16-year-olds in 2014, clearly does not go far enough.

He says failure to teach practical financial skills in schools is leaving hundreds of thousands of young people vulnerable to debt and without the essential skills to manage everyday money matters.

Previous national research shows that fewer than half of children aged seven to seventeen have received what qualifies as a “meaningful financial education.” Meanwhile, studies with young adults have previously revealed that almost eight in ten have never created a budget, and more than three quarters have never set aside money for unexpected bills.

A report published in November recommended that financial education should be strengthened and included in primary school curricula for the first time. However, Mo believes simply adding more content to the curriculum will not be enough unless schools are properly equipped to deliver it.

He is now questioning whether teachers – already under significant pressure and expected to cover an ever-expanding syllabus – are being given the right training or have the specific financial knowledge required to teach money management effectively.

Instead, Mo is calling for qualified financial specialists to be parachuted into schools to support teachers and deliver practical lessons on budgeting, borrowing, saving and understanding credit – ensuring children are taught real-world financial skills by those with first-hand experience.

The 65-year-old is also calling for urgent talks with the Secretary of State for Education, Bridget Phillipson MP, to highlight the need for the recommendations to be implemented quickly in primary schools, alongside specialist support, to help head off debt issues and long-term welfare dependency.

He said: “We teach children algebra and poetry, but not how wages work, how debt can escalate, or how to manage money in the real world. That failure has consequences that last a lifetime.

“Teachers already have an incredibly difficult job and are stretched to breaking point. It is unrealistic to expect them to suddenly become financial experts as well. If we are serious about financial education, we need to bring in people who understand money in the real world and can teach the basics properly.”

He continued: “For many, buying things on credit, spending more than you have and borrowing more than you can afford to repay is learned behaviour. Young people may see it at home and think it’s the norm, but poor money management and mounting debt can quickly spiral out of control, with catastrophic financial and personal consequences.

“I speak from experience. I came to this country aged eight as my father tried to build his businesses here, and I witnessed first-hand how failing to manage money can have devastating effects. He lost his businesses after being made bankrupt – not because he lacked ambition, but because he didn’t have the knowledge. I promised myself I would educate myself so that the same thing would never happen to me.”

He added: “Now we have to do the same for our young people. We must break the cycle of debt and mismanagement by teaching them how to budget from as young an age as possible. Financial education was meant to be introduced into schools over a decade ago, but whatever was taught clearly hasn’t gone far enough – and without the right expertise in classrooms, it never will.”

With more than one million 18-24-year-olds now not in education, employment or training (NEET), Mo believes compulsory financial education – particularly when delivered by specialists and targeted at young people who struggle academically – could dramatically reduce NEET numbers and ease pressure on the welfare system.

Meanwhile Mo is using his knowledge and experience to partner up with a Staffordshire based apprenticeship provider to deliver a series of workshops to a cohort of their apprentices, one of which will be about financial planning.

Mo said: “Financial education isn’t academic, it’s practical. It gives young people confidence, motivation and control over their future. That is how you re-engage those who feel left behind.”

“This is not a cost to the taxpayer,” he added, “It is one of the highest-return investments this country could make. Get this right in schools and we don’t just change individual lives, we help grow the economy. I’ll be knocking on as many doors as I can to push this forward.”