Justin Tomlinson MP speaks at the Young People and Money panel event next
to Linda Jack from the Money Advice Service (left, Chair)
As Chair of the All Party Parliamentary Group (APPG) on Financial Education For Young People, Justin Tomlinson MP was invited to speak at a panel event on Young People and Money. The event was held at the ‘Youth Zone’ at Conservative Party Conference in Manchester. Supported by the National Youth Agency, the Youth Zone was a dedicated meeting area for a programme of events organised by fourteen national youth organisations.
The Young People and Money event was a great opportunity to discuss the skills, knowledge and attitudes needed to manage money and how young people might gain them. The panel brought the experience of those that work with young people and have experienced the consequences of poor financial management together with lawmakers to provide a forum in which problems, programmes and possible solutions could be discussed.
Justin spoke about the need for compulsory financial education in schools to equip all young people from an early age with the skills needed to make informed financial decisions and explained his work in Parliament as Chair of the APPG set up to press for financial education to become part of the national curriculum. He also touched upon what can be done to help protect young people, who are often the most vulnerable consumers in society. Justin described the need to simplify interest rates, displaying the total cost of the loan as opposed to the more complicated APR and clamp down on the immoral sales techniques of doorstep lenders.
Justin Tomlinson MP said “I was delighted to speak at this event alongside a panel with such extensive experience. Young people are facing more financial responsibilities and challenges than ever and at an earlier age. The ability to manage money well is an essential part of the transition into independent adult life and it is vital we equip the next generation of consumers with the skills necessary to achieve this.”
The panel was chaired by Linda Jack (Money Advice Service) and included Fiona Blacke (CEO, National Youth Agency), Andrew Selous (PPS to Secretary of State for Work and Pensions), Seyi Obakin (CEO, Centerpoint), Justin Tomlinson MP and Jospeh Hayat (Battlefront Young Campaigner, Channel 4).