MPs call for action to support financial education
The All Party Parliamentary Group on Financial Education for Young People today reports the findings of a 10-month inquiry, chaired by Fiona Bruce MP, into the provision of financial education for vulnerable young people in the UK and how this can contribute to their financial and social inclusion, and improve their life and job prospects.
The inquiry took evidence from charities, education groups and other organisations working with vulnerable young people, as well as a group of young people themselves.
Its final report calls on central government, local authorities, financial institutions and other organisations working in this area to do more to support the financial education of vulnerable under-25s.
Fiona Bruce MP, chair of the APPG Inquiry Financial Education for Vulnerable Young People, said: “The inclusion of financial education in the National Curriculum for secondary schools has been a big step forward – but it is essential that vulnerable young people outside mainstream education are not left behind.
“Our inquiry has identified a serious need for more to be done to support the financial education of this group of vulnerable under-25s – and so improve their life chances – and we have outlined specific ways in which this can be achieved.
“We hope that the government, local authorities, financial institutions and other organisations working in this area study our findings and work together to improve provision of these vital life skills to young people in particular need of support.”
APPG Chair Justin Tomlinson MP said: “We need to make sure that everyone receives the benefit of teaching and learning about money – and this is especially true of vulnerable young people, who are at particular risk of financial and social exclusion. This is a crucial further piece of the financial education puzzle.
“In the wake of last month’s confirmation of financial education’s place in the new National Curriculum, we have to keep up the pressure to ensure that all young people – whatever their circumstances – are given the tools they need to manage their money well throughout their lives.”