A report indicated that primary schools should provide money management classes to students as young as seven.
According to a research conducted by the Centre for Social Justice (CSJ), 14 million adults who have experienced financial difficulties believe that their lack of money-management skills contributed to their predicament.
The CSJ also stated in the study, titled On The Money: A Roadmap For Life-long Financial Learning, that teaching youngsters how to manage money is more difficult for children from low-income families since they are less likely to receive pocket money.
‘The “soft” skills which we too often denigrate aren’t soft at all,’ said Tory MP Robert Halfon, chairman of the Education Select Committee. ‘Indeed, they are skills for life.’
‘This report shows how those leaving school without an effective financial education are at high risk of financial abuse, fraud and debt.
‘Yet today only one in three children currently receives any form of financial education at primary school.
‘We must be bolder – critically, by adding financial education to the curriculum in primary school.
‘Adults of all ages also need opportunities to develop critical financial skills throughout their life, whether that be in the workplace, further education or via the welfare system.’