Justin Tomlinson MP, has welcomed the Government's commitment to provide financial education to children in care during a joint roundtable between the APPGs on Financial Education for Young People; Looked After Children and Care Leavers with the Parliamentary Under Secretary of State for Children and Families Edward Timpson MP.
Following Justin's successful campaign to have Financial Education included in the National Curriculum (which becomes when the first lessons are taught in schools in September this year), the APPG on Financial Education for Young People began working to ensure children in care and those leaving the care setting had the skills to make important financial decisions which could have a major impact on their lives. Building on the findings of the Entitlements Inquiry and the Financial Education for Vulnerable Young People report, the event looked at the particular challenges for care leavers in managing their money. The Financial Education for Vulnerable Young People report identified a need for more to be done to support the financial capability of vulnerable under-25s.
During the event, a number of care experienced young people discussed potential policy initiatives such as financial capability training for social workers, and the relationship between financial skills, knowledge and confidence and young people's practical and emotional well-being. Justin praised the hard work of carers and social workers in their efforts to educate the young people they support about the importance of effectively managing personal finances whilst the Minister, whose extended family has fostered more than 90 young people, explained that the Government was working with social workers, foster families and those in care to tailor Financial Education to the specific needs of those leaving care.
Justin Tomlinson MP said: "It was a pleasure to welcome this group of young people to Westminster to discuss Financial Education for children in care and those leaving care with the Minister. Care experienced young people often need additional support, particularly with regards to their finances and I am pleased that the Minister is working with the APPG, charities including Action for Children and The Who Cares? Trust as well as carers to tailor the teaching of Financial Education. Many of the young people said that the old system meant that they had had to rely on their foster families to educate them on the importance of managing personal finances and I am pleased that as Financial Education enters the curriculum, it will reach those in need of some of the greatest support."
