MPs call for compulsory financial education in schools

Personal finance education should be made a compulsory part of every school’s curriculum according to a group of MPs.

The All-Party Parliamentary Group (APPG) on financial education for young people makes the recommendation in its report into financial education, published today.

It says resources provided by outside organisations and visits from providers to schools should be allowed but only if they are “quality marked by a trusted body” and are considered useful by teachers.

Andrew Percy, chair of the APPG and Conservative MP, says: “Young people today grow up in an increasingly complex financial world requiring them to make difficult decisions for the future, often without the necessary level of financial literacy. Credit cards, phone contracts, and tuition fees all require young people to start making choices at a young age.

“These decisions only become more complex with age and as such the country has a duty to equip our young people properly through education to make informed financial decisions.”

The report calls for primary school teachers to introduce basic money and mathematical skills from a young age. At secondary school, it suggests financial eduction should be split, with “financial numeracy” taught in maths classes and how it relates to real-life in personal, social and health education classes.

The APPG was formed in January and now has 226 cross-party MPs and peers making it the largest APPG in parliament.

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