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Financial Education Needed ‘More Than Ever’
More needs to be done to improve the nation’s financial knowledge, it has been suggested. According to Alastair Mathews, director of policy at the Personal Finance Education Group (Pfeg), education on monetary topics, ranging from UK personal loans and savings accounts to budgeting and mortgages, should be delivered over the entire duration of time that a child spends at school. Mr Mathews reported that, “like with a lot of learning”, teaching about money should play a role in each of the four main stages of compulsory education and be tailored towards the specific age of the recipient.
The director stated that financial education needs to start with young children “because attitude formation starts quite early and, even though this is very basic – about the use of money and keeping it safe and saving it – it all helps to set the attitudes in the right direction”. As pupils get older, Mr Mathews reported that such guidance should become more detailed, so that by the time they reach the 14 to 16-year-old age bracket they already have a certain level of awareness about fiscal matters not only from school but also from family members and their friends. In turn this can help them to foster a more responsible attitude to loans, overdrafts and other financial products and so avoid developing unmanageable money problems in later life.
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