New inquiry into financial education of young people

Suella Fernandes chairing the evidence session in parliament
Suella Fernandes chairing the evidence session in parliament
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Fareham MP Suella Fernandes has chaired the first meeting in parliament of a new inquiry into financial education for young people.

The inquiry has been launched by the all-party parliamentary group on financial education and is supported by the charity Young Enterprise.

Ms Fernandes is chairing the new investigation, which will examine and assess the overall delivery of financial education in schools in England and identify methods of best practice from each.

It will identify policy recommendations aimed at ensuring more young people from all backgrounds receive relevant financial education from a young age

Evidence is being taken from a variety of interested groups with a role in providing financial education.

These include banks and financial services providers, Ofsted, money advice services and other third sector organisations.

Ms Fernandes said: ‘Teaching our young people how to understand and properly manage finances is an extremely important issue.

‘Equipping them with skills, knowledge and confidence in money matters is crucial to ensure they are properly prepared for adult life.

‘However, despite research showing that young people’s money habits are formed by the age of seven, too often they feel ill-equipped to make informed choices.

‘At its worst, poor levels of financial literacy can trap young people on a pathway to debt and unemployment, and have a detrimental impact on their mental health.

‘It is a great step forward that financial education is now on the national curriculum, but the time is now right to look at how those lessons are being taught, and to look for examples of best practice as well as any weaknesses in the system.

‘I’m very pleased to be leading the investigation into this important topic, and would be very interested to hear from parents and teachers in Fareham about their views of how finances are being taught.’