The 120 MPs of the All Party Parliamentary Group on Financial Education for Young People are lobbying for compulsory lessons regarding debt avoidance in schools.
The group already coordinates the various government agencies focused on the issue, and they want to make resources available to schools that want to teach the subject.Justin Tomlinson, chairman of the group, said to the Telegraph: “Young people are entering an increasingly complex financial world of store cards, mobile phone tariffs, credit agreements and financial marketing.Through my MP casework, I have seen first-hand the implications for those who have made poor decisions, too often through a lack of understanding.“I am passionate that financial education is the best way to equip all young people with the relevant skills to make informed decisions and empower them as consumers. I have been working hard to secure cross-party support to help champion this cause, so the next generation is equipped to confidently address the financial challenges ahead.”Nearly 33,000 people have signed an online petition run by moneysavingexpert.com calling for financial education to become part of the national curriculum, and a survey of 8000 people found that 97 per cent support the idea. Over 5000 people have written to their MPS asking them to support the All Party Parliamentary Group on Financial Education for Young People.Martin Lewis, creator of moneysavingexpert.com which is backing the group, said to the same paper: “It's a national disgrace that in the 20 years since student loans launched we've educated our youth into debt, but never about debt. Now as tuition fees are getting bigger and some will pay commercial rates of interest for them, we simply can't let students take this debt out unless they know how it works.”Wendy van den Hende - chief executive of the Personal Finance Education Group – said: “Although some excellent work has been done in schools, the delivery of personal finance education on a national level is patchy."Manchester debt firm is liquidated owing creditors over £2.2m
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