Justin Tomlinson MP has spoken of his commitment to financial education for young people in speeches at two events following the news that the subject is to be added to National Curriculum from September 2014.
Speaking to groups comprising of teachers, social workers, individuals from the financial sector and government officials, Justin explained that research has shown that too many young people go into the world beyond education without a basic understanding essential financial matters including; interest rates, equity and mortgages. In addition, Martin Lewis of moneysavingexpert.com has raised concerns about how well-equipped young people are to negotiate the best deals.
At the events, the North Swindon MP re-iterated that without decent financial skills, Britain's young people will fall behind students from other countries, to the detriment of the economy.
Last week, Education Secretary Michael Gove announced that from 2014, primary school pupils will apply arithmetic and problem-solving skils to everyday scenarios, whilst students in secondary education will receive guidance on budgeting, the impacts of taxation and credit, as well as finding the best deals on financial products.
Following the event with Prudential, Justin Tomlinson MP said "We have campaigned hard to reach this point and it is testament to the hard work of the APPG for Financial Education, and groups such as pfeg, that young people will soon be studying maths and citizenship in the context of real life situations."
Tim Fassam of Prudential said: "It is important that young people go out into the world with the skills to prepare them for life. In addition, it is vital that we teach our young people the value of money and how manage their personal finances. We welcome the work of Mr. Tomlinson and pfeg as we move to equip young people with valuable life skills."
Justin Tomlinson MP is the Chair of the All-Party Parliamentary Group for Financial Education for Young People. The largest APPG in Parliament.
