Financial literacy must be embedded into the lives of younger people, and a simpler tax system put in place to help widen the base of entrepreneurs, according to a new taskforce.
A group of accountancy, business and education leaders has set out its position on how to improve conditions and give disadvantaged young people a greater chance of setting up in business.
The Taskforce
The Financial Confidence Taskforce, formed by Xero, consists of the following members:
- Tara Askham – global finance trainer, published author, and an award-winning entrepreneur passionate about making finance accessible;
- Tim Barnes – small business advocate and CEO, Centre for Entrepreneurs;
- Martin Bissett – entrepreneur, business adviser and author;
- Grace Hardy – chartered accountant and advocate of financial literacy in schools;
- Sarah Porretta – CEO, Young Enterprise, supporting social mobility and financial education;
- Graeme Tennick – founder of Tennick Accountants and member of the Xero Partner Advisory Council;
- Zoe Whitman – co-founder, Six Figure Bookkeepers;
- Philip Salter – founder, The Entrepreneurs Network; and
- Kate Hayward – UK managing director, Xero.
Key recommendations
Their key recommendations include the following:
- Appoint a minister responsible for improving small business financial literacy.
- Create a “national enterprise badge” to recognise young people’s “practical financial and business experience”, on a par with schemes such as the Duke of Edinburgh’s Award.
- Reduce exemptions and “cliff edges” that disincentivise small business growth and harm productivity.
“We’re calling for a radical rethink of how to improve financial literacy and show people that running a business is an amazing and rewarding career,” said Hayward.
“For everyone to have a fair chance at it, it starts with building financial confidence early and removing that fear. Unlocking this problem will unleash the economy.”
The taskforce set out ideas on reshaping how financial confidence is taught and learned.
They want business and personal finance integrated into the school curriculum, and they argue for involving pupils in school finance decision-making.
Real-world opportunities for experience should be offered through schools with big and small businesses, they say.
Employers should also have a responsibility to drive early-career financial training, they say, with business skills taught in all apprenticeships. Accountants and bookkeepers could be leveraged as financial business partners.
Taskforce member and chartered accountant Grace Hardy said: “You can’t be what you can’t see. It’s critical for young people to see relatable role models who show that financial confidence is a skill anyone can unlock, not a barrier to entry.”
“We need to normalise the conversation around finances and showcase founders who make entrepreneurship feel accessible to everyone.”
“We’re calling for a radical rethink of how to improve financial literacy and show people that running a business is an amazing … career.”
Kate Hayward
The Maple Review
The recommendations were published on Tuesday at a parliamentary event and provided to the Maple Review.
The review is a government-backed initiative that is being pushed by both Small Business Britain and Xero. Its aim is “to make enterprise accessible to everyone, regardless of starting point, through research, close consultation with entrepreneurs with lived experience, and engagement with policymakers”. Its co-chairs include:
- Blair McDougall MP, minister for small business and economic transformation;
- Grace Graham, CEO and founder of WorkSpa; and
- Michelle Ovens CBE, CEO and founder of Small Business Britain.
As of January 2026, the review is still in its research phase and taking calls for evidence, which can be submitted by clicking here. A full report – which backers say will have actionable recommendations for central and local government, the private sector and other institutions – will be launched in spring 2026.
Earlier research by Xero found more than a quarter (28%) of small business owners said they were unaware if they were profitable last month, and more than a half (55%) struggled to manage cashflow.
More than a third (35%) of 18 to 34 year-olds believe they don’t have the financial skills to manage their business.
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