Young Money to send half a million financial education textbooks in to schools

Young Money (formerly pfeg), a trusted and valued provider of knowledge, resources and training to anyone teaching young people how to manage money, has announced a major new financial education initiative for UK schools.

 

The announcement comes during Financial Capability Week which runs from the 13th to 19th November. Financial Capability Week is an annual week co-ordinated by the Money Advice Service which aims to get more people talking about money and improving their financial capability.

 

In an initiative funded by a £200,000 pledge from Martin Lewis OBE, founder of MoneySavingExpert.com, Young Money will be producing a dynamic new curriculum mapped textbook providing free financial education resources to all state English secondary schools in 2018 - 2019.  The textbook will include guidance on issues such as saving and spending, borrowing, good and bad debt, risks and rewards, insurance, investments and future planning around student loans, tax and National Insurance.

 

This week Young Money also releases its new insight paper entitled, “Easy Money: The Ticking Timebomb of Generation Debt” which reveals deep concerns of teachers around financial education awareness in UK schools. The paper, which includes in-depth interviews with 10 teachers from across the country is highly critical of ‘debt culture’ and argues that there is too much pressure on young people to take out store cards, buy the latest gadgets and appear to be ‘rich’ to become popular.  “Easy Money” follows on from the state of the nation report from the APPG on Financial Education for Young People, which discussed the impact and effectiveness of financial education in secondary schools. The APPG report highlighted the need for practical classroom resources to deliver effective financial education, since provision of financial education across the country is patchy and inconsistent.

 

Commenting on the launch, Martin Lewis OBE, founder and Chair of MoneySavingExpert.com said:

 

“We campaigned hard for financial education to join the national curriculum, and succeeded in September 2014.  Yet it was a pyrrhic victory. The government put no resources in to schools or to training teachers – so while there are some beacons of excellence many schools are struggling to do it or do it well.

 

As the state has let schools down - something had to be done. I hope this textbook and teachers guide will empower schools to provide quality, cutting edge education on the issue students will face now and in the future.  We live in one of the world’s most competitive consumer economies.  Firms spend billions on marketing, advertising and teaching their staff to sell.  Yet consumers get no buyers training.  Hopefully this will help redress that balance.”

 

Michael Mercieca, Chief Executive of Young Money said:

 

“We cannot allow the next generation to sleepwalk into a major youth debt crisis and that’s why we’re taking action to provide teachers with the resources they need to prevent it.  Defusing the ticking timebomb of generation debt requires in-depth education and practical support, and this textbook is designed to give teachers the tools they need to provide it.”

 

Julian Knight MP, Chair of the APPG on Financial Education for Young People said:

“I’m delighted that all state English secondary schools will be receiving a financial education textbook. Good quality resources are essential for financial education, a lack of resources in schools having been highlighted in the APPG on Financial Education for Young People’s most recent inquiry. This initiative will target this issue and ensure teachers can deploy this fantastic new resource when developing young people’s money management skills and confidence.”