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Schools 'need to offer better financial teaching'

Posted on 27th July 2009

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State and independent schools need to offer their pupils more comprehensive teaching in finance, it has been claimed.

Modern children are more aware of monetary issues than their parents were at the same age, the Personal Finance Education Group suggested.

The development of gadgetry such as mobiles is one of the ways this shift has been instigated, the organisation stated, giving the example that the average eight-year-old kid can understand a phone tariff.

Director of operations at the charity Gary Millner explained: "From research we've done, young people are starting to make their financial decisions at the age of seven when their parents made them at ten."

Budgeting should form a key part of lessons in money, he concluded.
Mr Millner made his comments following a report by uSwitch, that revealed 73 per cent of consumers believe in order to understand a household energy statement, a person needs to be educated in mathematics.

Some 35 per cent of respondents claimed holding an A-level in the subject would be the only way of truly deciphering a bill. ADNFCR-921-ID-19283077-ADNFCR