John Hunter says the fintech boom failed to improve financial literacy because seller profit often relies on buyer ignorance. He suggests centralizing all financial learning support under one independent board. This new resource would help students as the government plans to add finance to the national curriculum in 2028.
From John Hunter, Director, Co-Head of Financial Learning United Kingdom Shareholders' Association, Orpington, Kent, UK
Michael Gilmore's column "The fintech boom has failed to improve fin-lit" (FT Financial Literacy and Inclusion Campaign, FT Money, October 17) has a simple explanation. In any commercial transaction, buyer ignorance means more profit opportunities for the seller. And in financial matters we have allowed the financial services industry to fund many private initiatives in financial learning, while central government attempts at financial guidance are fragmented.
We can fix this. Concentrate all central support for financial literacy in one department, reporting to an independent board; expose conflicted funding of private programmes; and create a single nationwide resource for financial learning, protected from the Financial Conduct Authority and the Treasury, compatible with the further spread of finance into primary schools in the national curriculum planned for 2028.
John Hunter
Director, Co-Head of Financial Learning United Kingdom Shareholders' Association, Orpington, Kent, UK