Schools could fill gap in finance knowledge
Schools could fill gap in finance knowledge
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Tuesday, 25, Apr 2006 11:02
Schools could play a key role in educating young people about how to manage their money, the Financial Services Authority (FSA) has said.
Amid growing concern about personal debt, the government's financial services watchdog would like the education system to help fill the void.
By the end of last year, Britons owed a combined total of more than £1 trillion as low interest rates and competition among lenders engendered an apparent relaxed attitude towards personal debt.
The FSA believes basic money management could be incorporated into social skills lessons that would help prepare young people for the wider world.
"This could provide something they can take away with them, not just a maths lesson," said FSA spokesperson, Abi Jones. "It is a case of teaching a life skill, not just numbers and figures.
"We want people to realise this is not just a personal finance thing but the wider aspect of having something to eat and money to spend," she added.
The education system has often been criticised by business leaders for failing to provide young people with the necessary skills for the workplace.
Improvements in school exam results are not necessarily a guarantee that applicants will meet the requirements of prospective employers.
Schools could soon have a wider role in preparing pupils for some of the challenges they will face outside of work.