MailOnline: Teach pupils about money management, says MPs (... who could take a few lessons in the subject themselves)
Jo TangMarketing Manager, YPC Group
Teach pupils about money management, says MPs (... who could take a few lessons in the subject themselves)
MailOnline - 31 Jan 2011
Students doomed to debt should be given compulsory lessons in money management at all levels of learning, says a huge cross-party group of MPs
Around 120 politicians have formed what is thought to be the biggest ever cross-party group in a bid to ensure children are equipped to make crucial financial decisions in the future.
The All Party Parliamentary Group on Financial Education for Young People is pushing for compulsory lessons in consumerism and debt at all levels of education.
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Widespread support: Parents are calling for the lessons as much as MPs
The group co-ordinates the different agencies that are already working on the issue, and aims to make resources available to schools that want to teach the subject.
A wag might observe that the group could also provide much needed public service by helping Parliament to grapple with Britain's massive deficit.
They might also point out that the Government's raising of tuition fees will mean higher levels of debt for students in the future.
But the group's aim is to help young people before they get into debt.
Justin Tomlinson, chairman of the group, 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.'
Nearly 31,000 people signed an online petition run by MoneySavingExpert.com and Mumsnet, calling for financial education to be put on the national curriculum, and around 5,000 people have written to their MP asking them to support the Parliamentary group.
A survey carried out among 8,000 people also found that 97 per cent supported teaching financial education in school.
The need for financial education has become increasingly pressing in recent years, as the demise of final salary pension schemes has left consumers having to make complex financial decisions on their own, while rising tuition fees mean the majority of students will start their working lives in debt.
The average household currently owes £16,336 on credit cards, loans and overdrafts, while large sections of the population are failing to save any money on a regular basis.
A study also found that 68 per cent of students could not correctly identify the cheapest loan rate, while 23 per cent expect to owe more than £20,000 when they graduate.
Martin Lewis, creator of MoneySavingExpert.com which is backing the group, said: '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.'
The Parliamentary group is also being supported by consumer organisations Which?, Citizens Advice and the Consumer Financial Education Body, as well as banks and building societies, including HSBC, Barclays and Nationwide, and other organisations, including the National Union of Students.
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.
'It needs to be a priority for every school to provide it for all its pupils.
'If we want the next generation to be financially capable we need financial education at every stage of their school life.'
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