Financial education vital for younger people
February 1, 2011
A group of MPs from different parties have formed an alliance to try and get financial education in schools. The MPs say that this education should be mandatory, and that it could help many younger people to avoid the same financial pitfalls and problems that many people are facing at present. Personal debt problems have soared over the past couple of years, and many are now facing dire problems with their finances.
It is hoped that if the initiative is successful younger people would leave school with a far better grasp on finances and how to manage money. This could help them through many financial challenges in life, and enable them to steer clear of debt and ensure that they have savings. With youngsters these days facing huge difficulties when it comes to things such as student loans or getting a mortgage it is thought that this sort of education has become vital as part of the curriculum.
There are many groups and organisations who are backing the group of MPs, who have formed the All Party Parliamentary Group, which has become the biggest of its kind. Amongst the groups and organisations that are backing the APPG are the Citizen’s Advice Bureau, Which?, and the Personal Finance Education Group.
The APPG stated: “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.”
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