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Financial education is crucial to ensure that everyone feels capable and confident to make financial decisions. Despite improvements in the curriculum, only 38% of young people recalled receiving financial education at school according to a 2022 study by the Money and Pensions Service. The lack of financial education can be a barrier to life chances for many individuals.
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Called for the ongoing national curriculum review not to remove any aspect of financial education, stating that it remains important. Mentioned that one in two Brits failed a financial literacy test run by the OECD and ranked below comparable western nations like France, Norway, and Canada. Cited concerns about technology-driven consumerism leading to young people becoming addicted to buy now, pay later schemes. Urged better support for teachers and promoted financial teaching in post-16 educational settings.
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Acknowledged the importance of education for addressing issues such as only 20% of self-employed people paying into a pension. Stressed the need to look at how financial education can be introduced across the board without overburdening teachers. Praised private sector initiatives like Nationwide and Santander's work in financial literacy and urged Government cooperation with these companies.
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Discussed her son’s limited memory of having had the opportunity to learn about budgeting at school. Suggested that including financial literacy in the maths curriculum could help young people see its relevance to their real lives, addressing common questions from teenagers like 'How is maths relevant to my life?'. Highlighted the importance of providing opportunities for both young people and adults through initiatives such as Christians Against Poverty.
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Highlights the gap in people's financial knowledge through personal experiences and the work of Leicester, Leicestershire and Rutland's Moneywise project. Cites a study by Compare the Market and MyBnk showing that only two thirds of adults recall receiving financial education at school and less than half consider themselves financially literate.
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Explores the issue through her experiences in advice services, highlighting how debt has shifted from credit cards to basic housing and utility costs. Cites statistics from BRANCAB showing that 18 to 24-year-olds account for 12% of all insolvencies in her constituency.
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Supports the need for financial education for both adults and children, citing statistics from the Money and Pensions Service showing that 39% of adults do not feel confident managing their own money.
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Emphasises the importance of financial education in reducing susceptibility to scams and fraud, citing National Trading Standards research from October 2023 showing that 73% of UK adults have been targeted by scams.
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Mr Charters acknowledged the importance of financial literacy, citing UK Finance's report ranking the UK at 15th place out of 29 countries. He expressed concern about the impact of social media on children’s financial advice and highlighted issues in the insurance sector where consumers often lack understanding regarding auto-renewal policies. Mr Charters also discussed the increase in pension opt-outs as a challenge to retirement savings education.
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Mr Campbell-Savours emphasised that financial education has its limits and highlighted the importance of strong protections against scams. He stressed the need for better advice on insurance policies to avoid over-coverage or under-coverage.
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Mr Vince supported further financial education in schools but expressed concern about its implementation, suggesting that teaching finance is different from teaching mathematics. He proposed teaching financial education as a distinct subject or module rather than integrating it into the existing maths curriculum.
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Agreed with the need for measurable and accountable financial education. Proposed making it a bespoke subject rather than adding to existing curricula.
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Stressed the importance of financial literacy in equipping individuals to make better decisions, highlighted issues with investing and debt management. Proposed a modernised curriculum focused on personal finance education from primary level.
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Complimented Jerome Mayhew for securing the debate and emphasised the importance of financial literacy in reducing inequality, citing research that shows widespread public support for better financial education.
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Financial education is vital for future wellbeing, supported by teachers and community hubs. She highlighted that Wales, Scotland, and Northern Ireland embed financial education at primary level, while England lacks statutory inclusion.
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Emphasised the importance of family involvement in teaching financial literacy through practical examples like giving children pocket money. He agreed with Rebecca Paul's points on this matter.
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Acknowledged the briefing contributions from various organisations on financial education. Highlighted personal experience with his family's approach to money and referenced Charles Dickens' Mr Micawber quote about income versus expenditure, emphasising the importance of financial literacy.