Personal debt in the UK has reached epic proportions – with stats showing that people owe over £1.58 trillion. And yet, it’s still not compulsory to teach financial literacy in primary schools, something that experts believe will help to make young people more financially savvy. iNews reports
According to Young Money, a think-tank that specialises in financial education teaching resources, children form financial habits from the age of seven, yet financial information isn’t taught until secondary school.
Financial education doesn’t need to be a tedious in-depth discussion of the stock market. “It can be as simple as learning what saving is and what money means,” explains Margaret Ambrose, Young Money’s head of public affairs and public relations.
A report commissioned by the think tank, Easy Money: The Ticking Timebomb of Generation Debt (2017) questions: “What kind of society repeatedly and relentlessly targets its children with temptations to get into increasing amounts of debt?”
The report quotes a teacher who voices concern about the lack of financial education. “There is an increasing concern that students are simply not aware of what is going on around them in the world of finance and given the scope and impact it has on everyone, it is an area we must address.”
Moneysaving blogger and mother of three Emma Bradley thinks that kids could benefit from much more financial education in schools. “In school nowhere near enough is done – payslips and tax should be taught and explained for example. As a former teacher I know young people want to understand and learn this too. Budgeting should be taught in a practical maths lesson in the same way other topics are taught.”
And that’s what Young Money is trying to do. Michael Mercieca, CEO of Young Money/Young Enterprise explains how a planned programme of financial education in schools starting from primary level is essential to ensure that school leavers are capable of managing their money and making more informed money decisions.
Read about various schemes available for schools and also what parents can do at home to help Rising debt: Why we need more financial education in schools.
Please tell us your thoughts in comments or via Twitter ~ Tamsin
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