Over 120 MPs have formed an all party parliamentary group to push for compulsory financial education in schools.
The APPG on financial education for young people will be launched officially this afternoon. Its chair, Conservative MP for North Swindon Justin Tomlinson (pictured), says young people need to understand the “complex financial world” they will be entering.
He says: “Young people are entering an increasingly complex financial world of store cards, mobile phone tariffs, credit agreements and financial marketing. Through my MP casework, I have seen first-hand the implications for those who have made poor decisions, too often through a lack of understanding.”
The group is one of the largest APPGs ever formed and is backed by Moneysavingexpert.com creator Martin Lewis and the Personal Finance Education Group, which says it is needed because financial education in schools has been “patchy”.
Pfeg chief executive Wendy van den Hende says: “It needs to be a priority for every school to provide personal finance education for all its pupils. If we want the next generation to be financially capable we need financial education at every stage of school life.”
The group has also received support from banks and building societies as well consumer groups Which? and Citizens Advice.