Money Desk
Podcast : Making Money
This breakdown focuses on what is discussed and how financial literacy, education, and power structures are framed not on promoting political positions or offering personal financial advice.
This episode of the Making Money Podcast, hosted by Making Money, features trained accountant and author Abigail Foster examining why financial confidence remains rare in the UK. The central tension is confrontational: Foster argues that neither political institutions nor financial systems are structurally incentivised to create a population that fully understands tax, debt, or money mechanics.
Key Takeaways
- Systemic ignorance benefits power: Foster argues that low financial confidence preserves existing voting patterns and allows institutions to profit from debt-based products.
- Education is structurally outdated: The UK schooling model, largely unchanged for 200 years, prioritises generalised conformity over high‑value skills like finance or sales.
- The tax-code blind spot: Thousands of pounds are lost through incorrect tax codes errors often fixable with a single HMRC phone call.
- Representation drives learning: Social platforms outperform schools in financial literacy because people learn better from educators who feel relatable and familiar.
The Newsdesk Lead
On the Making Money Podcast, accountant and financial educator Abigail Foster lays out a critique of the UK’s education and tax infrastructure. Despite her advisory experience with HMRC and the Treasury, she claims there is little political appetite to embed financial literacy into the national curriculum. Her verdict is stark: individuals must build financial agency themselves, because the system does not materially benefit from an economically confident population.
The Deep Dive
The Financial Knowledge Gap
Foster highlights what she calls a foundational data failure. In teaching over 58,000 students within 18 months, she found that roughly three in four could not identify what HMRC actually is. This gap cascades into adulthood, where people misinterpret payslips, tax codes, and refunds.
The Tax Code Leak
A recurring example is the UK standard tax code 1257L. Foster explains that individuals can calculate their tax‑free allowance by adding a zero to the number in their code (e.g. 840L = £8,400 allowance). She argues that many chase high‑risk investments while unknowingly losing money each year through basic administrative errors.
Schooling Built for Mediocrity
The education system is framed as a legacy of the industrial era, designed to produce broadly competent workers rather than individuals who excel in specialised, high‑value skills. Foster criticises government roundtables as performative, noting that years of discussion have not produced structural reform in how young people learn about money.
Social Media as the New Classroom
In the vacuum left by formal education, platforms like TikTok have become the default finance search engine. Foster warns this creates echo chambers around speculative assets such as crypto. Her alternative is a trust‑based creator model, where financial education is delivered through relatable individuals rather than rigid institutional voices like the Bank of England.
“The uncomfortable truth is that it doesn’t benefit those in power for the next generation to be financially confident.”
Why This Episode Matters
The discussion reframes financial literacy as a power issue rather than a motivation problem. It challenges listeners to decide whether ignorance is accidental or structurally convenient and what personal responsibility looks like in response.
What Viewers Are Saying
Audience reaction trends toward recognition and frustration, with many viewers reflecting on their own tax and education gaps.
- @bootswiththefurrrr99: “When people say ‘I got a tax refund best day ever’… no, you just gave the government an interest‑free loan.”
- @Abdul_Rahman86: “I work for a bank… respect to banks who give a damn about financial literacy.”
Worth Watching If
- You want a practical walkthrough for checking and fixing your tax code.
- You’re curious about the politics behind financial education reform.
- You’re an educator or parent questioning how schools handle money skills.
Skip If
- You already understand the UK tax system and are only looking for advanced investment strategies.
🎥 WATCH THE FULL EPISODE ON YOUTUBE
About the Creator
Making Money is a UK‑focused finance podcast exploring money, work, and economic systems.
Abigail Foster, accountant, author of The Money Manual, and founder of Elent.
Video Intelligence
- Platform: YouTube
- Views: 25,476
- Likes: 637
- Comments: 171
- Runtime: 1 hour 3 minutes
- Upload date: 13 October 2025
This article is part of Creator Daily’s Money Desk, where we examine how creators talk about money, risk, and financial decision‑making.