Call for financial education to be put on national curriculum

Financial education needs to be put on the national curriculum if the next generation are to become competent consumers with well-managed finances, according to financial advice charity the Money Advice Trust (MAT).

Joanna Elson, MAT chief executive, said research showed only 45 % of people considered themselves financially literate, with only 38% confident about making financial decisions.

Elson, speaking at the Liberal Democrat conference in Liverpool, said this lack of confidence and understanding would take a generation to change and would only happen if financial education was included in the national curriculum.

‘We need to create competent capable consumers,’ she said. ‘What can we do to create that? Firstly financial education in schools, instil financial understanding from a very early age. If kids learn at school they will be in a much better place.’

‘But it will take a generation to make that change and it will only happen if we put financial education on the curriculum. Unless it’s in the national curriculum teachers are too busy to be adding on little bits here or there,’ she said.

Elson said in the short term making financial advice readily available to the public would help them understand finance better and make informed decisions.

‘The second thing is to have trusted guidance available for people, whether that may be from a trusted provider or someone they already seek advice from, a financial service they trust or citizens advice bureau, or Cfeb’s Money Guidance,’ she said.