British Bankers' Association welcomes financial education in schools

28 November 2006
The British Bankers' Association has welcomed the government's commitment to strengthening financial education in schools.

The Treasury Select Committee report last week identified improving young people's financial capability as one key step towards tackling Britain's debt problem.

The report found "improving financial education in schools needs to be a major objective of the government's ten-year strategy for improving financial capability".

It called for financial capability to be introduced within functional mathematics for 14-19 year olds as well as in general studies classes.

Angela Knight, BBA chief executive designate, said: "Financial education is something that everybody has a right to."

Ms Knight emphasised that banks have promoted financial inclusion by opening "over a million basic bank accounts for people who had previously had no bank account at all".

Anne Kiem, head of external affairs at the ifs School of Finance, extended a more qualified welcome to the government's commitment to financial education.

"Financial capability is about understanding the implications of APRs and compound interest, and being able to make decisions based on that understanding," she said.

Ms Kiem emphasised that financial capability was too wide and too important a subject to be "lumped together with maths" in school curricula.

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