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More Than 120 MPs Promoting Mandatory School Age Financial Education

by Jim ONeil on February 3, 2011

in Personal Finance Tips

On Sunday, an All Party Parliamentary Group (APPG) on Financial Education for Young People was launched. This is one of the largest APPGs in history, with more than 120 MPs joining the fight. They are promoting compulsory education in schools regarding debt, finances, and money usage. This APPG is a result of the increase in tuition and the financial crisis in the UK.

Financial experts and the public are backing this group. Consumer groups Citizens Advice, Consumer Financial Education Body, and Which? are also joining the effort. Even large finance companies like HSBC, Capital One, Barclays, Nationwide Building Society, and Aegon have lent support. Chair of the APPG is Justin Tomlinson, a Conservative MP.

Mr. Tomlinson has witnessed the results first-hand when young people make poor financial decisions. He attributes lack of understanding as a major cause of these decisions. According to him, the best way to prepare today’s youth for the complex financial world is by educating them about finances. The Labour government had this education on its agenda but failed to pass it before the general election last May.

MoneySavingExpert.com creator Martin Lewis stated that the UK has managed to educate youth into debt with the advent of student loans. However, it has proven extremely difficult to implement financial

education in schools, which he believes is the “key to breaking the debt cycle.” The average UK household in debt owes £16,336 aside from mortgages.

A Royal Bank of Scotland survey revealed that 68 percent of students were unable to identify the most inexpensive loan from several offerings. Schools have done some excellent work so far, reported Personal Finance Education Group Chief Executive Wendy van den Hende. However, a national system of personal finance education has been “patchy.” She believes that with so many MPs supporting this APPG, it will “raise the profile” of financial education in schools.

GeorgiaM

More free money and rewards to those who decided to have kids, instead of giving perks to the responsible people who are waiting til they are fiancially stable to start a family. What a dumb idea that is

GeorgiaM

More free money and rewards to the people who decided to pump out kids, instead of giving perks to the responsible people who are waiting til they are fiancially stable to start a family. Greeeeat!

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