BudgetNov 14 2016

Financial education should start at 7 years old: Mas

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Financial education should start at 7 years old: Mas
BySimoney Kyriakou

Mr Briscoe's comments came as research from Mas, carried out for Financial Capability Week, revealed that only four in 10 young people in the UK say they have received any form of financial education.

But 90 per cent of those who had received financial education lessons said they found them useful. 

According to Mas, the lack of suitable financial education means young people are ill equipped to manage their own money into adulthood.

The research also showed that among 16 to 17 year olds, 32 per cent said they did not have experience of putting money into a bank account, 39 per cent said they did not have a current account at all and 59 per cent could not read a pay slip.

Speaking at the launch of Financial Capability Week, Suella Fernandes, MP for Fareham and chairman of the All Party Parliamentary Group on Financial Education, said: “There is more to do to improve the delivery of financial education, which remains inconsistent and varying in effectiveness.

"It’s essential that we provide appropriate training and resources for teachers to enable them to deliver these crucial lessons.

"“A collaborative approach is absolutely vital in tackling this issue – we must encourage educators, policy makers and other organisations to work together to deliver effective financial education to our children."

Russell Winnard, head of educator-facing programme and services at Young Enterprise, said: "Collaboration between organisations is absolutely vital to ensure young people receive high quality financial education.

"By sharing information on effective approaches, the way in which financial education is delivered can change for the better. The Financial Education Quality Mark is an accreditation awarded to teaching resources that are accurate, engaging and of the highest standard, to allow educators to identify the best financial education materials."

Young Enterprise has launched a revised version of the Quality Mark which will support providers in evaluating how effective their resources are and share their findings with others."