22 May 2024
If you are covering the House of Commons Education Committee report into strengthening financial education, please find a comment below from Katja Oakley-Bell, personal finance expert at Quilter.
"The UK Parliament’s Education Committee’s report on delivering effective financial education marks a significant step towards addressing the longstanding gap in financial literacy among young people. The report rightly emphasises the critical need for integrating financial education in the curriculum at both primary and secondary levels. Ultimately, this recognises the importance of early financial literacy in fostering long term financial independence and security.
"As highlighted in the report itself: “Children use money at an increasingly young age and with greater independence, often making transactions that are immediate and, at times, irreversible.” Therefore, the report’s recommendation to integrate financial education starting from primary school is crucial, especially in light of the ongoing cost of living crisis and the shift to a cashless society. Stories of children spending huge amounts of money on micro in-game purchases on parent’s cards are becoming all too frequent. Children from a young age require robust financial skills to manage money effectively and avoid the ways of overspending with digital transactions.
"A more structured inclusion of financial education into both maths and PSHE is sensible and will ensure that all students regardless of the type of school they attend receive comprehensive financial education. Financial literacy is not just simply about managing money well but also developing a broader sense of financial wellbeing. If we can imbue students of all ages with this, then we can help them develop into adults who understand the benefits of saving and live happier lives as a result.
"Today’s report provides a comprehensive framework for enhancing financial literacy in this country. Government should hopefully take its recommendations which emphasise the importance of early education, practical financial skills and the need for financial education to form a much greater portion of a child’s education throughout both the primary and secondary curriculum. The report lays the foundations that if built upon will create a more financially literate future generation."
