FSA chairman Howard Davies is encouraging the education of teenagers by bringing financial education into the classroom and I support this. However,I am not sure whether it is wise to rely upon teachers to provide such education.
Most of us would agree that some of the most difficult people to deal with in personal finance are teachers. While it is true that some teachers transfer into a financial services career very successfully, the majority do not have sufficient worthwhile personal experience to be able to impart knowledge in the subject to any great degree.
To succeed in reaching the full range of ability, we require a carefully constructed syllabus specifically for teenage students. We then need properly trained teachers and/or paid outsiders to be involved in presenting courses of regular lessons over a few months on budgeting, banking, savings, mortgages, life insurance, pensions, etc.
Such courses should take place perhaps two or three time during a student's secondary education at different ages.
The Safe Insurance Agency,