Why We Want Financial Education Made Compulsory in UK Schools
The UK is in the grips of a personal debt crisis. Rents are on the rise, student debt is higher than ever and pay-day loans are thriving, while wages remain stagnant.
Each year thousands of us are suckered into over borrowing by the appeal of buy-now-pay later deals, ridiculously high interest rates and, very often, blatant mis-selling.
It’s a bitter pill to swallow, but the reality is that we’re a financially illiterate country. Children are finishing school with little or no understanding of how to manage their personal finances, which just compounds the problem.
While measures such as capping credit card interest and greater regulation of pay-day lenders goes some way to limiting the pain inflicted on so many people, it’s not enough.
If we want to bring about real, long-term change then we must start from the ground and build up. Research from the Money Advice Service shows money habits are formed by the age of 7. That means we need to start teaching kids the basics of money management before that. As it stands, there is no requirement on primary level schools to provide any form of Financial Education to their students.
This must change! And it’s why we’ve launched a petition to Make Financial Education for young children at primary level compulsory in all schools across the UK.
At Yomo, our mission is to help users gain control of their finances and do more with their money. A big part of our mission involves providing the resources they didn’t receive as kids, to help them make better financial decisions. Through the Yomo Academy, you can find all sorts of useful information about financial management - from budgeting and saving to investing and pensions.
But we’re only one company and there’s only so much we can do. Long-term, widespread change demands a more systematic approach and our schools are the perfect vehicle to deliver this.
To sign and share the Petition visit Change.org.
Could learning about the basics of finance as a kid have helped you? Using #feelingyomo let us know what you think.