In light of this week’s Global Money Week, Stewart Perry, head of responsible business at Quilter, comments:
“Weeks like Global Money Week serve to highlight the importance of financial capability and money skills and it couldn’t have come at a more pertinent time. We risk moving towards potentially the most financially catastrophic period since the 1970s with energy bills soaring, food prices increasing, a hike in national insurance and inflation causing savings to rapidly depreciate in value. The cost-of-living crisis is already pinching everyone’s finances and will make it harder for many people to pay their essential bills let alone service significant debts or free up spending money.
“It’s never been more imperative that government recognise that financial education, while not the silver bullet that will fix this crisis, can at least help people’s decision making with money so they are better prepared for squeezes in cost of living and ultimately avoid getting into a spiral of debt.
“During Global Money Week, financial education charity MyBnk, which is backed by Quilter, has created some new free educational resources for schools to use during the week alongside their work bringing finance lessons into classrooms and youth organisations across the UK.
“The work this charity does is vital but it is a sticking plaster in the absence of financial education at scale. The All Party Parliamentary Group on Financial Education Inquiry on Primary-school aged Financial Education found strong evidence for the effectiveness of the impact of financial education at a primary level. The report recommended that the UK Government, in partnership with the Money and Pensions Service, sets a goal and provides the funding necessary to ensure every child receives a high-quality, effective and sustainable financial education by at least 2030. Doing so will mean that, no matter a child’s background or postcode, they will learn the skills and behaviours that are vital to manage money and become less vulnerable to scams and fraud. This will reduce the number of people getting into the kinds of difficult situations from which it takes years to recover especially when set against this financially challenging backdrop.”