Kids 'should get pension advice'

18 July 2007
It is never too early to start planning for mortgages and pensions, according to an industry observer.

Alastair Mathews, policy director at the Personal Finance Education Group (PFEG), was commenting on government plans to introduce financial classes in schools.

Last week Ed Balls, the minister for children, schools and families, said the new secondary curriculum will aim to prepare youngsters for their financial futures.

The PFEG welcomed the proposals, with Mr Mathews explaining that many young people do not know how mortgages work – "not in detail, they don't even really know what they are".

And while he does not believe schools should be required to impart detailed knowledge of the existing mortgage and pensions market, they need to provide pupils with basic information.

The PFEG policy director added that young people should be provided "with a foundation of understanding on which they can build as they start to become financially responsible".

He added: "Difficult as it is to get people interested in [them] when they're young, pensions are never too early to start – young people have got to be thinking about it all the time."

Find out more about pension advice

track© Adfero Ltd