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Thousands sign compulsory financial education petition

A petition to make financial education a compulsory part of the school curriculum had been signed by more than 12,200 people by this morning.

The petition was posted on the Government’s new e-petition website by Money Saving Expert founder Martin Lewis last week. If it reaches 100,000 signatures the topic will be referred to the House of Commons backbench business committee for consideration for debate in Parliament. This morning in less than an hour the number of signatures rose by over 1000.

The petition says it is a “national disgrace” that young people in the UK have not received financial education and that the low levels of financial literacy have led to millions being caught by misselling, over-borrowing or being ripped off.

It says: “Companies spend billions on marketing and teaching their staff to sell – it is time we got the buyers’ training. The most cost effective way to start is to ensure every child in the country gets a basic understanding of personal finance and consumer rights before leaving school.”

The drive for financial education in schools has support in Parliament. More than 200 MPs have joined the All Party Parliamentary Group on Financial Education for Young People which is currently undertaking a review of the current state of financial education in schools. Its website says it aims to create a “model of finance education that truly equips young people with the skills and knowledge they need to become intelligent and responsible consumers”.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Cart before horse?

    From what I have been reading lately far too many are still innumerate and illiterate.

    It would also seem that Financial Education is already keenly adopted by some. “Let’s riot, loot and steal – it adds value so much more quickly”.

    Let’s get the basics right first and perhaps this time ignore journalists who court publicity.

  2. The Government will get the MAS to do it and guess who will pay for it?

  3. Kids should receive some financial education to prepare them for the ‘real world’, not to give them a waryness of so called ‘rip-offs’, which thankfully are not as prevalant as Martin Lewis would have us believe.
    Unfortunately, the ‘real world’ today consists of high unemployment and low opportunity, especially for the school / university leavers. It would seem that a degree is a pre-requisite for entry to the most menial of jobs…why?
    Becoming a first time buyer – indeed, getting a mortgage at all, is not easy, and the FSA’s mortgage team (policy and conduct risk) is just not up to the job with their associates not even basic CeMAP qualified.

  4. Should financial education be adopted I trust external, qualified “experts” will be drafted in. When I worked for a high street bank some of our most troublesome, out-of-order accounts had good percentages of teachers in their number. My theory being they had never left school/college so weren’t prepared themselves for the “outside world” much less perepared to teach others.

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