The All-Party Parliamentary Group (APPG) on Financial Education for Young People has launched an inquiry to explore the barriers facing schools when it comes to delivering financial education.
Across the UK, many young people leave full-time education without the knowledge, attitudes and skills needed to manage their money effectively.
The APPG said that financial education in schools is one of the “key ways” the UK can develop financially capable individuals.
The inquiry seeks to identify the challenges facing teachers and schools in delivering financial education and will explore these barriers and consider ways to remove them.
A particular area of focus for this inquiry will be whether barriers vary across schools and if certain school contexts or settings require unique solutions or additional support.
It will ask primary and secondary teachers across the UK what they consider to be the vital ingredients needed to deliver financial education well.
The call for evidence will be open until Friday 10 June.
Vulnerable to scams
Paul Feeney, chief executive of Quilter, said: “Early intervention financial education is absolutely critical in preventing financial poverty and vulnerability later in life. The millions of children who currently leave school without learning behavioural money skills are left vulnerable to economic shocks and financial scams, as well as unprepared for future financial decisions.
“This is an important inquiry from the APPG to assess the need for interventions in financial education and to give a voice to primary and secondary teachers across the UK to understand how they think financial education can be delivered well.
“From speaking to teachers through our financial education work with charity, MyBnk, we know some feel financial literacy is not given enough time in schools, with concerns about finding resources that appeal to pupils.
“The evidence is compelling. Previous research by the APPG and the Centre for Financial Capability shows that six-in-10 young people do not feel confident in planning for their financial futures. And in 2013, a study by the Money and Pensions Service, authored by Cambridge University, found that the behaviours that impact adult financial decisions are formed by age seven.
“Every child in the UK should be able to develop the skills and behaviours necessary to navigate critical financial decisions in their life through access to a high-quality and effective financial education.”