Citizens Advice supports finance lessons for teenagers

Plans to introduce personal finance education into the curriculum of high schools have received support from Citizens Advice (CA).

Last month, the government announced that a new subject called “economic wellbeing and financial capability” is to be added to the roster of lessons for 11 to 16-year-olds.

A spokesman said CA is very much in favour of the plans to stage personal finance classes in schools to teach youngsters about the potential pitfalls of credit cards and other possible debt traps.

“We know that a lot of debt problems are caused, at least in part, by a lack of understanding and a lack of confidence in dealing with money matters,” he explained.

According to the body, the key issue is “budgeting”, which it describes as a “fundamental building block” of personal finance skills.

Recent research by the Institute for Public Policy Research concluded that a couple with two children could be £32,000 better off in their forties if they received good personal finance education at school.

© Adfero Ltd

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