Economics Education’s Missing Link: The Crisis in Teacher Supply

Economic literacy is essential in today’s world, equipping young people with the tools to understand the systems shaping their lives. Yet, despite its importance, the UK faces a critical barrier to delivering this education: a dire shortage of trained economics teachers. This challenge, alongside the unequal provision of economics education in schools, threatens to deprive many students of the opportunity to engage meaningfully with the economy and its impact on their futures.

A Crisis in Teacher Supply

The numbers are stark. In 2020/21, only 20 individuals trained to become economics teachers in the UK. To put this into perspective, that figure represents a mere fraction of the demand. Worse still, this number was likely inflated by a now-defunct £9,000 training bursary. For years, the Department for Education has failed to hit recruitment targets for teachers in business studies (the category under which economics falls). In 2023/24, just 12% of the target for new entrants was met—a shortfall with long-term implications.

The supply problem is not merely administrative; it directly impacts who has access to economics education. Currently, 80% of private schools offer economics, compared to just 50% of state schools. Within the state sector, provision is concentrated in the least deprived schools. Without enough teachers to meet demand, schools in underprivileged areas are unlikely to prioritise economics, leaving students from disadvantaged backgrounds at a systemic disadvantage. More here from a recent report from the RES and Discover Economics.

Why This Shortage Matters

Economics isn’t just a subject for aspiring bankers or policymakers; it’s a cornerstone of critical thinking and decision-making. Students equipped with an understanding of unemployment, inflation, and fiscal policy can navigate the complexities of the cost-of-living crisis, climate change, and global trade. Beyond civic empowerment, economics also offers a clear pathway to higher-earning careers. Data consistently shows that economics graduates earn among the highest salaries of all disciplines, a reflection of the analytical and quantitative skills the subject develops.

However, the current shortage of economics teachers limits these opportunities. The skewed provision of economics exacerbates socio-economic inequalities, particularly for students in schools with fewer resources. Addressing this shortage isn’t just about filling vacancies; it’s about ensuring that all young people have access to the knowledge and skills they need to succeed in life and participate fully in society.

Breaking the Cycle: Training More Economics Teachers

The roots of the teacher supply problem run deep. Unlike subjects such as English or mathematics, economics has no widespread presence in the national curriculum below A-level, meaning fewer people consider it as a career option. Furthermore, the lack of financial incentives—such as the removal of the bursary—discourages prospective teachers from pursuing this path.

Reversing this trend will require bold, long-term strategies. These include:

1. Reinstating and Expanding Bursaries: Offering financial support to prospective economics teachers could attract more talent into the field.
2. Raising Awareness: Campaigns to highlight the benefits of teaching economics, both professionally and in terms of societal impact, could inspire more graduates to enter the profession.
3. Incorporating Economics into Earlier Education: By embedding economics into citizenship, mathematics, and history lessons at Key Stages 3 and 4, we can cultivate interest among students and plant the seeds for future teacher recruitment.

Embedding Economic Literacy Despite Challenges

While addressing the teacher shortage is critical, it cannot happen overnight. In the meantime, schools must find innovative ways to incorporate economics into their curricula. One promising approach is embedding economic concepts into other subjects. For example, mathematics lessons can use real-world economic problems, while history classes can explore the economic underpinnings of major events.

Additionally, resources developed by initiatives like Discover Economics—such as interactive lessons and videos—can help non-specialist teachers introduce basic economics concepts. By using these tools, schools can begin to close the gap while working toward a longer-term solution.