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Make financial education compulsory, say MPs

Personal finance education should be made a compulsory part of every school’s curriculum according to a group of MPs.

The all-party parliamentary group on financial education for young people makes the recommendation in its report into financial education, published today.

It says resources provided by outside organisations and visits from providers to schools should be allowed but only if they are “quality marked by a trusted body” and are considered useful by teachers.

APPG chair and Conservative MP Andrew Percy says: “Young people today grow up in an increasingly complex financial world requiring them to make difficult decisions for the future, often without the necessary level of financial literacy. Credit cards, phone contracts, and tuition fees all require young people to start making choices at a young age.

“These decisions only become more complex with age and as such the country has a duty to equip our young people properly through education to make informed financial decisions.”

The report calls for primary school teachers to introduce basic money and mathematical skills from a young age. At secondary school, it suggests financial eduction should be split, with “financial numeracy” taught in maths classes and how it relates to real-life in personal, social and health education classes.

The APPG was formed in January and now has 226 cross-party MPs and peers making it the largest APPG in parliament.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Finally, some real momentum on this subject. If there is a worry about ‘trusted sources’ then perhaps the Money Advice Service which is already committed to a large spending programme of money provided by the industry could get involved here and actually start delivering education as opposed to spending it on largely irrelevant branding and positioning advertisements. They could be ideally positioned to deliver basic education and advice to young people on financial matters.

  2. Good idea, Problem according to statistics from employers and education experts a considerable number of children leave without reading/writing and maths skills. Perhaps funding etc should be put into this first to give good standards first so they can get employment etc,

  3. wow, how have people managed their finances up till now I wonder? perhaps they should make children play the sims starting from nursery through till university. maybe then they will learn how to live like proper humans. they could even make it so their sims can actually die or become junkies depending on their life decisions. spend more than you earn? That will lead to debt. Not got any savings? that’s probably because you spend more than you earn. is managing your finances really that complicated?

  4. Even better…why not make all MP’s pass a Level 4 Diploma to improve their Financial acumen.
    Better still make it a compulsory qualification so that if they do not achieve Level 4 by the set date they lose their seat and will be unable to continue in Parliament.
    I can hear the howls of laughter as I write!

  5. Erzieherinnenstuhl 13th December 2011 at 5:04 am

    Good Article GReat Post

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