Aviva has questioned whether investing in financial education delivers sufficient “commercial benefit” to make it worthwhile.
Speaking at the Personal Finance Society annual conference in Birmingham last week, Aviva UK life retail and partnerships director Andy Curran said the provider must balance its social responsibility with its responsibility to its shareholders.
He said: “The weakness of investing in financial education is, we need to get a commercial benefit, and we need to get a commercial benefit reasonably quickly.
“We do take our responsibilities as one of the largest insurers in the UK very seriously. We believe we have a social responsibility and a responsibility to the industry, but equally we have a responsibility to our shareholders.”
Financial education will form part of the national curriculum in September 2014. Key stage 3 will cover the uses of money, budgeting and financial products, while key stage 4 will cover wages, taxes, credit, debt, financial risk and more sophisticated financial products.
In 2010 the charity Personal Finance Education Group had its central Government funding removed and had to make 75 per cent of its staff redundant.