Financial Education Policy Committee
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Recent TISA research of 1,000 16-17 year olds has indicated only 33% of young people recalled having had any financial education in school. However, 70% of those who did recall such interventions said that it had changed their attitudes to money. Furthermore, evidence from KickStart Money (details below) shows that even younger children aged 10 – 11 yrs change their financial habits following intervention in school.
Benefits to consumers
GENERATIONS OF YOUNG PEOPLE WOULD LEAVE SCHOOL BETTER EQUIPPED TO MANAGE THEIR FINANCES AND THEREFORE HAVE A BETTER CHANCE OF BECOMING FINANCIALLY RESILIENT THROUGHOUT THEIR ADULT LIFE AND INTO RETIREMENT.
GUIDANCE AND ADVICE PROVIDED DURING ADULTHOOD WOULD BE BETTER UNDERSTOOD.
LESS RISK OF MENTAL HEALTH ISSUES.
Benefits to industry
BETTER INFORMED CUSTOMERS WHO ARE BETTER EQUIPPED TO MAKE INFORMED DECISIONS.
Benefits to UK economy
FINANCIALLY RESILIENT ADULTS ARE LESS LIKELY TO MAKE AS MANY DEMANDS ON THE BENEFITS SYSTEM.
FEWER CASES OF MENTAL HEALTH ISSUES THEREFORE REDUCING DEMAND ON NHS.
FINANCIALLY RESILIENT ADULTS WOULD HAVE MORE MONEY TO SPEND IN THEIR LATER YEARS.
Financial Education Policy Committee
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The Centre for Financial Capability
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All Party Parliamentary Group on Financial Education for Young People report
Go toFinncial Education Forum May 2020 update: https://www.young-enterprise.org.uk/wp-content/uploads/2020/05/Financial-Education-Forum-Papers-May-2020.pdf
Young Enterprise Resource Hub: https://www.young-enterprise.org.uk/teachers-hub/financial-education/
Redstart: https://redstarteducate.org/
Money Advice Service: https://www.moneyadviceservice.org.uk/en/corporate/financial-education-in-secondary-schools-in-england
Money Advice Service: Online content for parents, including the downloadable booklet from TLD –https://www.moneyadviceservice.org.uk/en/articles/how-to-talk-to-your-children-about-money
Money Advice Service: The ‘Talk, Learn, Do’ (TLD): https://www.moneyadviceservice.org.uk/en/corporate/findings-from-talk-learn-do
SS&C intervention – Joe’s Journey: https://www.joes-journey.co.uk
The Share Foundation project to find lost CTF – CTF ambassadors : https://www.ctfambassadors.org.uk/partners
MyBnk – Money House Initiative: https://www.mybnk.org/our-work/financial-education/the-money-house/