MPs want financial education to be introduced

Over recent years personal debt problems in the UK have become worse and worse, with the financial crisis and the recession only making matters worse. With the country in the state that it is in when it comes for personal finances and debt many MPs believe that it is time to take action to help the next generation to avoid similar problems in the future.

According to reports over one hundred MPs from different parties have come together to call for financial education to be introduced in schools on a mandatory basis. Around 120 MPs are said to have joined the All Party Parliamentary Group. The aim of the group, which has become the largest of its type ever, is to ensure that young people are educated and knowledgeable about financial matters and management.

With university fees rising, young people struggling to get a mortgage, and household finances facing extreme challenges, MPs believe that it has become increasingly important to make sure that young people are well educated with regards to finances so that they face less of a challenging future when it comes to money matters. A number of organisations and groups are also backing the campaign, and this includes the Citizen’s Advice Bureau, Which?, and the Personal Finance Education Group.

A member of the APPG said: “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.”

Tags: matters, university fees, party parliamentary group, personal debt problems, financial, Finance

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