North Swindon MP Justin Tomlinson has called for more to be done to support the financial education of vulnerable young people outside of mainstream education. The MP serves as Chair of the All Party Parliamentary Group on Financial Education for Young People, which has published the findings of a 10-month inquiry into the provision of financial education for vulnerable young people in the UK. The report calls for more support to ensure all young people learn how to manage their money, contributing to their financial and social inclusion and improving their life and job prospects.
The inquiry took evidence from charities, education groups and other organisations working with vulnerable young people, as well as a group of young people themselves. Its final report calls on central government, local authorities, financial institutions and other organisations working in this area to do more to support the financial education of vulnerable under-25s. Key recommendations include;
For Government
- To enable statutory bodies coming into contact with vulnerable young people, such as Job Centre Plus, the NHS and Youth Courts, to train their staff to be able to help support and signpost them to manage their money
- To promote improved coordination and partnership working between providers of financial education for vulnerable young people across all sectors
For local authorities
- To take responsibility for the development of coordinated local strategies to develop and improve the financial capability of vulnerable young people
- To review the provision of financial education specifically for those in or leaving care and develop an appropriate tailored strategy embedding good practice
For financial institutions
- To provide young people with appropriate advice around managing their money, particularly when an account is first opened or if difficulties become apparent
For organisations working with vulnerable young people
- To ensure that promoting financial capability is embedded in their policies, procedures and practice
- To take opportunities to engage in and promote partnership working and share expertise and good practice
Justin Tomlinson MP said: "I am exceptionally proud to Chair this ongoing campaign. We need to make sure that everyone receives the benefit of teaching and learning about money – and this is especially true of vulnerable young people, who are at particular risk of financial and social exclusion. This is a crucial further piece of the financial education puzzle. In the wake of last month’s confirmation of financial education’s place in the new National Curriculum, we have to keep up the pressure to ensure that all young people – whatever their circumstances – are given the tools they need to manage their money well throughout their lives".
