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
“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