Personal Finance Society  

Personal Finance Society wants you to educate youngsters

Personal Finance Society wants you to educate youngsters

The Personal Finance Society is set to launch a nationwide financial education programme in schools and colleges.

The ‘Education Champions’ initiative is to provide important and complementary financial education for the next generation and it is hoped that it will ultimately become a key part of the national curriculum.

The scheme aims to establishing an active link with every secondary school and college of further education in the country.

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More than 250 advisers have registered an interest in becoming a volunteer trainer just two days after being initially announced to members.

Keith Richards, chief executive at the Personal Finance Society, said this demonstrates a significant appetite across the sector to play a key role in serving the wider community.

He said: "Our initiative will provide important financial education for tomorrow's generation. It will help to raise the profile of a career as a personal finance professional to rank alongside other professionals such as accountants and solicitors."

As well as the pro-bono programme, the education champions will be a key contact point for schools to provide guidance on financial matters and support teachers more broadly.

The society began recruiting volunteers yesterday (1 May) for training, which will take place throughout the summer.

The scheme itself will then be launched in September, to coincide with the start of the new academic year.

Julie Lord, chief executive and chartered financial planner at Bridgend-based Magenta Financial Planning, said: "I absolutely agree that we should be doing more to promote and explain financial planning in schools.

"My daughter is 16 and says that her friends have no idea what a mortgage is or how to do basic budgeting. 

"It needs to be done carefully though - we can't rely on the normal teachers as some of them are as ignorant of financial matters as the kids.

"I applaud this initiative and will definitely be involved with the volunteering."

This follows on from the 'Financial Lives' survey, which was conducted by the FCA in October, and highlighted the need for financial education at schools, alongside the core personal, social, health and economic (PSHE) subjects.

It found that 4.1 million people have failed to pay bills or credit commitments in three or more of the last six months, while 3.5 million are borrowing from friends and family to make ends meet.

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