Calls for financial education to become part of national curriculum

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."
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Calls for financial education to become part of national curriculum

Wednesday 9th February 2011

The 120 MPs of the All Party Parliamentary Group on Financial Education for Young People are lobbying for compulsory lessons regarding debt management 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
Wednesday 11th August 2010

Bankrupt football legend probed by police over loan fraud
Monday 2nd August 2010

Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010

Barclays lifts lid on banking write-offs
Wednesday 20th February 2008

Send To Friend      Print      RSS Feed      News Archive
If you have any queries about this news story or our news section, please contact us

View the original article here

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Posted in: become,Calls,curriculum,education,financial,national

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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