MP backs cash classes for kids

Money

FYLDE MP Mark Menzies has backed a new report calling for better financial education in schools.

Mr Menzies, a member of the All-Party Parliamentary Group (APPG) on Financial Education for Young People, said the committees report recommending the Government promotes high quality financial education in schools was: “a very positive step.”

Mr Menzies said.”In and ever increasingly complex financial world it is important that young people are fully equipped to make informed financial decisions. I support the improvement of the provision of personal finance in schools and call on the Government to include these recommendations as part of their review of the National Curriculum.”

Around one in four economically active adults is functionally innumerate. A survey by the UK Payments Council has found a notable lack of knowledge around the meaning of some of the most common financial terms, for example, only 36 per cent of people understand that the term APR relates to payments.

Lack of financial education reportedly costs Brits nearly £250 million in charges and penalties alone, with almost a quarter of people having been hit by charges because they don’t understand the terms and conditions of financial products, according to research from uSwitch.com.

Martin Lewis of MoneySavingExpert.com, who has launched an e-petition in support of the campaign, added: “For once, thankfully, we have a bunch of politicians who aren’t pussy-footing around. We need compulsory financial education in our schools. Our nation is financially illiterate, for over 20 years we’ve educated our youth into debt when they go to university, but never about debt. Breaking this cycle will mean less mis-selling, fewer bad debts, better consumers and could save the public coffers a fortune.”

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