deVere CEO: Personal finance should be taught as a standalone subject in schools
Personal finance should be included as a standalone subject in UK schools, Nigel Green, chief executive of independent international financial consultancy deVere Group has urged.
The leader of the Church of England, the Archbishop of Canterbury, said that learning about finances is as important as learning about sex and relationships.
The Archbishop, Justin Welby, said: “Research has shown that habits and attitudes to money are already being formed at the age of seven.”
“We would like to see financial education receive parity with sex and relationships education.”
Green said: “I fully support the view that we need greater and more robust personal finance education in schools.
“Currently, financial education is not a standalone subject, but is instead included within other subjects, such as mathematics.
“It’s a step in the right direction, but does not go nearly far enough. It should be a defined subject, alongside more traditional subjects such as English and science.”
He said that it’s important for children to learn about finance so they have the skills and knowledge to live in the modern world.
He added: “Financial literacy is a fundamental life skill for successfully participating in modern society, yet it is consistently overlooked or not given the credence it deserves.
“Today’s world is increasingly complex and children need to be taught how to manage their own financial futures by learning how to budget, make sensible decisions for everyday matters, how to effectively save, how to avoid taking on unnecessary and/or avoidable debt, how to analyse and compare financial products, and make provision for their healthcare and old age.
“Financial literacy can equip young people with the confidence, skills and know-how to obtain future financial freedom for themselves and their families – and this is why we should all support the growing calls for personal finance to be a standalone subject in schools.”