By Andrew Holt

Charity Times Awards winning charity Personal Finance Education Group (PFEG) along with 225 MPs, is campaigning for financial literacy to become a compulsory part of the national curriculum in England within maths and PSHE, or personal, social and health education.

Tracey Bleakley, chief executive of the Personal Finance Education Group, said: “The financial situations that young people get into are getting more complicated now and it’s getting harder for them to make mistakes without repercussions.

“We have to help children get into good habits at school, encourage the concept of saving, and everyone – parents, teachers, politicians, the financial industry, seems to back that.”

Lessons in personal finance are already compulsory in Northern Ireland, Scotland and Wales and campaigners say that it makes no sense to exclude English children.

By the age of 10 a third of children will have used their parent’s credit card to make an online purchase, according to a financial education charity, but few have any understanding of debt and how it can mount up.

Mark Garnier, vice-chairman of the all-party parliamentary group for financial education for young people, added: “It’s diabolical that this subject hasn’t been included in the curriculum already. We need to make sure the next generation are financially literate. Compulsory financial education could avert the next financial crisis.”

The financial regulator has also been vocal on the need for education to prevent consumers from being mis-sold products such as payment protection insurance, which has cost UK banks £11bn in compensation so far.

Personal finance almost entered the national curriculum in 2010 as part of the children, schools and families bill but was dropped when a controversial aspect of the curriculum concerning sex education met with opposition.

The Department for Education said there had been widespread interest in the national curriculum review from groups involved in all subjects but acknowledged the importance of financial education.

The global financial crisis and subsequent recession have left children in the UK feeling worried and insecure about money, noted Bleakley.

Last year a group of 16-25 year olds were asked to describe their biggest fear. The most common answer was “debt”.

Home     More News


Other stories you may find of interest:

Report: Drug services need to adapt to diverse communities
The latest UK Drug Policy Commission (UKDPC) report, published today, finds drug services of ‘little relevance’ to many in Britain’s diverse communities, including LGBT groups, disabled people and BME communities. The review The Impact of Drugs on Different Minority Groups: A review of the UK Literature, led by UKDPC Commissioner Professor Baroness Haleh Afshar, argues that a better understanding of drug use within diverse minority communities is needed to reduce drug problems and could also provide warning of ‘new’ or emergent patterns of drug use.

Spending on education to fall at fastest rate since 1950s, says Institute for Fiscal Studies
In new figures released today, IFS researchers estimate that total public spending on education in the UK will fall by over 13% in real terms between 2010–11 and 2014–15. This represents the largest cut in education spending over any four-year period since at least the 1950s. The cuts will be deepest for capital spending and higher education, followed by 16–19 education and early years provision. Schools spending is relatively protected, and schools with the most deprived intakes are likely to see real-terms increases in funding. However, the majority of schools will see real-terms cuts.




Has your investment manager downgraded your service?

Jordan Publishing

February-March 2014: Trustees & CEO Pay

Trustees came under the spotlight last year because of their reluctance to defend
the salaries of their chief executives. The sector has since offered trustees opportunities to learn from the experience. It is an opportunity they must take, argues Andrew Holt

December/January 2013-14: Impact Leadership

Tris Lumley takes the reader on an in-depth journey analysing impact
leadership, arguing that impact starts with leadership

August/September 2013 Cover Story: Revisiting the Big Society

Andrew Holt searches through the maze that is the Big Society for meaning

This website is a part of Perspective Publishing Limited, registered in England No 2876166.
By using this website you agree to our COOKIE POLICY and PRIVACY POLICY.