diff --git a/README.md b/README.md
index 6035b45afa..059680cd5d 100644
--- a/README.md
+++ b/README.md
@@ -25,17 +25,17 @@ Please refer to the [component demo pages](https://design-system.digital.mod.uk/
 
 ### Installation
 
-To install and save to your projects package.json dependencies, run:
+To install and save to your project's package.json dependencies, run:
 
 ```
 # with npm
-npm install @defencedigital/fonts @defencedigital/react-component-library
+npm install @defencedigital/fonts @defencedigital/react-component-library styled-components formik
 
 # ...or with yarn
-yarn add @defencedigital/fonts @defencedigital/react-component-library
+yarn add @defencedigital/fonts @defencedigital/react-component-library styled-components formik
 ```
 
-Note: As of `2.16.0` the [`styled-components`](https://github.com/styled-components/styled-components) package is now a required [peerDependency](https://nodejs.org/en/blog/npm/peer-dependencies/).
+Note: [`styled-components`](https://styled-components.com/) and [`formik`](https://formik.org/) are required [peer dependencies](https://nodejs.org/en/blog/npm/peer-dependencies/) and are installed with the above commands.
 
 ### Quick start
 
diff --git a/packages/cra-template-defencedigital/template.json b/packages/cra-template-defencedigital/template.json
index dddc264485..63a24e2389 100644
--- a/packages/cra-template-defencedigital/template.json
+++ b/packages/cra-template-defencedigital/template.json
@@ -20,6 +20,7 @@
       "@testing-library/jest-dom": "^5.5.0",
       "@testing-library/react": "^10.0.4",
       "@testing-library/user-event": "^10.1.0",
+      "formik": "^2.2.9",
       "jest-canvas-mock": "^2.3.0",
       "typescript": "^3.8.0",
       "@graphql-codegen/cli": "^1.8.3",
diff --git a/packages/react-component-library/README.md b/packages/react-component-library/README.md
index 5bd6bea8b6..c146ee2635 100755
--- a/packages/react-component-library/README.md
+++ b/packages/react-component-library/README.md
@@ -6,15 +6,17 @@ A collection of React components written for Defence Digital web applications.
 
 The Defence Digital React Component Library is available as an [NPM package](https://www.npmjs.com/package/@defencedigital/react-component-library).
 
-```
+To install it, run the relevant command for your package manager:
+
+```shell
 // npm
-npm install @defencedigital/fonts @defencedigital/react-component-library
+npm install @defencedigital/fonts @defencedigital/react-component-library styled-components formik
 
 // yarn
-yarn add @defencedigital/fonts @defencedigital/react-component-library
+yarn add @defencedigital/fonts @defencedigital/react-component-library styled-components formik
 ```
 
-NOTE: As of `2.16.0` the [`styled-components`](https://github.com/styled-components/styled-components) package is now a required [peerDependency](https://nodejs.org/en/blog/npm/peer-dependencies/).
+Note: [`styled-components`](https://styled-components.com/) and [`formik`](https://formik.org/) are required [peer dependencies](https://nodejs.org/en/blog/npm/peer-dependencies/) and are installed with the above commands.
 
 ## Usage
 
diff --git a/packages/react-component-library/package.json b/packages/react-component-library/package.json
index bff7cf3a5f..2109977f71 100644
--- a/packages/react-component-library/package.json
+++ b/packages/react-component-library/package.json
@@ -193,6 +193,7 @@
     "styled-theming": "^2.2.0"
   },
   "peerDependencies": {
+    "formik": "^2 || ^3",
     "styled-components": ">= 5"
   }
 }