High Peak Conservative MP Andrew Bingham has met celebrity maths expert Carol Vorderman to discuss ways in which children can learn how to make better financial decsisons than their parents’ generation.
The MP backed calls for better financial education in schools by attending the launch of a report on Financial Education and the Curriculum, for the All-Party Parliamentary Group (APPG) on Financial Education for Young People.
The report recommends the Government should promote the provision of high quality financial education in schools in England.
Around one in four economically active adults is functionally innumerate. A survey by the UK Payments Council found a lack of knowledge around the meaning of some of the most common financial terms. For example, only 36 per cent of people understand that the term APR relates to payments.Lack of financial education has cost Brits nearly £250 million in charges and penalties alone, with almost a quarter having been hit by charges because they don’t understand the terms and conditions of financial deals”
Carol Vorderman said: “ It is time for the skills that everybody needs to juggle in a complicated world are taught fully and properly. At the moment, the young people who fail Maths are taught a watered down version of what the top 15 per cent need. They need the fundamentals of arithmetic and its applications as a priority. It’s time for change.”
Martin Lewis of MoneySavingExpert.com, whose e-petition has now had the magic 100,000 sign it, said: “For once, we have politicians who aren’t pussy-footing around. We need compulsory financial education in our schools.”