The Conservatives have said that if they win the next election they plan to make financial education compulsory in secondary schools in a bid to tackle the UK’s rising debt problem.
The ifs School of Finance has welcomed Shadow Chancellor George Osborne’s announcement that if elected, financial literacy would be taught to pupils aged 11 to 18.
Osborne said: “The ifs School of Finance and others are doing excellent work to increase financial literacy. But government could and should be doing much more to promote financial literacy teaching in our schools.”
The Shadow Chancellor said that lessons for students on money management would help to counter the “sobering low levels of financial literacy” among young people.
The ifs offers GCSE, AS and A-level equivalent qualifications in personal finance and has around 6,250 students enrolled on these courses.
Head of external affairs Anne Kiem says: “We welcome the Conservatives announcement today about tackling the huge problem of financial incapability across the UK.
“We would hope that as these plans develop, the Conservatives will ensure financial education is a dedicated standalone subject, rather than being bolted onto another subject such as maths or citizenship as the current Government intend.”
The ifs has recently appointed Donald Brydon as Chairman of the Board of Governors. The Board replaces the Council and the outgoing president of the ifs Council is Bruce Carnegie-Brown.