Finance makes it onto the curriculum in 20 more schools under charity initiative

Published on 1 January 1970 by Raffick Marday

A charity initiative will provide thousands of young people in economically deprived areas with financial education.

prepaid cards for childrenThe Personal Finance Education Group (pfeg) has teamed up with information services Experian to deliver a three-year financial literacy programme to 20 primary schools in some of the poorest areas.

The charity, which campaigns for financial education to be included on the national curriculum, has already witnessed the transformation of 39 schools into centres of excellence under its financial education programme.

But now it plans to expand the scheme, starting with schools in Hull, Manchester, London, Nottingham, Bristol and Middlesbrough.

Tracey Bleakley, pfeg chief executive, said that the charity’s objective is to “ensure that every young person in the UK leaves school with the skills, knowledge and confidence they need to manage their personal finances.”

With spiralling debt, unemployment and changes to pensions, she indicated that being financially-savvy is particularly pertinent in the current climate.

“It has never been more important to ensure that young people are taught these crucial life skills,” she added.

Experian will select schools based on its own data, looking at areas where there are higher proportions of people with low credit scores, for example.

The news comes a year after an e-petition forced Parliament to debate the possibility of giving financial education its own spot on the national curriculum.

The petition was submitted by MoneySavingExpert.com founder Martin Lewis and attracted 118,000 signatures.

Mr Lewis said last month: “It's a national disgrace that for over 20 years we've educated our youth into 'debt' when they go to university, but never about debt.”

A prepaid card can be a useful tool when educating your children about finances. Since these are loaded with a set amount of cash, children can easily see how much money they have spent over a certain period of time, giving them a head start when it comes to budgeting.

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