The Financial Education Partnership, a coalition of leading providers of financial education, launched an online petition last month to lobby for a change to the way funding for the sector is allocated.
“We have a lot of work to do to make sure that the industry is safe and stable, but the time has come to say, ‘enough’s enough’,” the group’s CEO, Lisa Hickey, told Business Insider in an email.
“There is a lot more we can do to help our students succeed, but it is essential that we have the tools and support to achieve that.”
The petition, which was created by the UK’s Financial Education Network, calls for the government to “reduce the impact of cuts on the sector” by prioritising funding for UK-based financial education providers.
“In a rapidly changing world, our industry faces many challenges, including cuts to the funding of UK-funded financial education,” the petition states.
“The UK government needs to prioritise investment to ensure that financial education remains sustainable and available to the most disadvantaged and most disadvantaged communities.”
Financial Education Partnersities, the coalition’s main lobbying organisation, said the petition was “an important step forward in our campaign to raise awareness and support for the financial education sector in the UK”.
“We need to make our voices heard so that our industry can remain viable in the future,” the group said in a statement.
“That means that we need to focus on providing the most effective, accessible, and cost-effective services, and we must take every step we can to protect our financial education.”
We believe the UK government must continue to support the UK financial education industries, and make sure they can continue to thrive in the face of the changes in funding.
“Financial education is a growing sector in many countries.
According to a recent study by the Independent, there were 4.2 million financial education graduates globally in 2017.
It also found that a significant number of students in the sector have been disadvantaged in the past, with nearly half of them from working-class backgrounds.
The UK has a strong financial education presence, with more than 70% of the financial schools listed in the Higher Education Statistics Agency’s (HESA) 2016-17 student financial education register.