Children to get money lessons

Schoolchildren are to get lessons in money management from the age of five, the government has said.

Children’s secretary Ed Balls has unveiled plans to introduce tuition in financial literacy, which will start with saving money at a young age.

Announcing the measure, he commented: “It’s really important we teach our children about money matters like pensions, responsible saving and effective money management.”

Such education will continue up to the age of 16, covering various finance topics.

This move may help to make the next generation into better savers and borrowers than their parents, avoiding some of the problems that are faced by many today.

A lot of children already have significant savings, with the average amount saved up by the age of 16 standing at £1,064, according to new figures from Halifax.

However, this is subject to significant regional variations, broadly in line with general wealth levels.

The highest mean figure is in London at £1,380, while the typical Scottish child only has £875 put away.

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