The Association of Investment Companies has welcomed the Thoresen Review but is calling on the Government to invest the same resources in implementing financial education in schools.
AIC research among parents and teachers reveals that nine out of ten parents and teachers think personal finance education should be taught at school, and of these 50 per cent think it should be mandatory.
AIC says 51 per cent of parents believe that personal finance education is vital, because they believe they would be in a healthier financial situation now if they had been taught about money matters at school.
Director general Daniel Godfrey says financial capability for children is just as important as adults.
He says: “If children leave school with the confidence, skills and knowledge to manage their money, the need for financial guidance when they are adults will be significantly reduced.”