Charity renews calls for financial education in schools
Nov 02, 2006
Registered charity the ifs School of Finance has called on the government to do more to educate young people about personal finance and debt.
The call comes after a report from Datamonitor found that Britain was the most indebted country in western Europe, with UK consumers responsible for more than a third of all unsecured debt in the area. Britain's consumer credit market reached £214 billion last year, the report found, with the average Briton owing more than £3,000, twice the amount of the average western European.
The charity said that it was concerned that the government would be relying on functional maths in schools to teach personal finance from 2008 and claimed that financial education should be taught as a stand-alone subject in secondary schools. Spending four hours a week studying personal finance would not improve the financial capability of future generations on its own, the charity's head of external affairs said.
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