Following the All Party Parliamentary Group (APPG) on Financial Education for Young People inquiry into the barriers facing schools in delivering financial education, Paul Feeney, CEO of Quilter and Chair of The Quilter Foundation comments:
“Early intervention financial education is absolutely critical in preventing financial poverty and vulnerability later in life. The millions of children who currently leave school without learning behavioural money skills are left vulnerable to economic shocks and financial scams, as well as unprepared for future financial decisions.
“This is an important inquiry from the APPG to assess the need for interventions in financial education and to give a voice to primary and secondary teachers across the UK to understand how they think financial education can be delivered well. From speaking to teachers through our financial education work with charity, MyBnk, we know some feel financial literacy is not given enough time in schools, with concerns about finding resources that appeal to pupils.
“The evidence is compelling. Previous research by the APPG and the Centre for Financial Capability shows that six in 10 young people do not feel confident in planning for their financial futures. And in 2013, a study by the Money and Pensions Service, authored by Cambridge University, found that the behaviours that impact adult financial decisions are formed by age seven.
“Every child in the UK should be able to develop the skills and behaviours necessary to navigate critical financial decisions in their life through access to a high-quality and effective financial education.”
Paul Feeney is Chair of The Quilter Foundation which works with MyBnk to provide financial education to over 9,000 young people, aged 7-25, in Southampton and London. Quilter is a founding member of The Centre for Financial Capability which invests in financial education delivery and works to build further evidence of what works and campaign for greater investment in this critical area.
