LifeSearch lobbies Downing St for finance in schools

A petition calling on the Government to introduce personal finance lessons in schools has been launched by LifeSearch.

The IFA has logged the petition on the Downing Street website and it has already received dozens of signatures.

"Is it any wonder we have a mountain of personal debt when we can open a bank account at 16 without having the slightest clue what it means to save?, LifeSearch policy adviser Matt Morris says.

"It seems a no-brainer that personal finance lessons - such as how to manage debt, how mortgages and pensions work, the need for financial protection, how to save and invest your money - should be taught at an early age."

A review of the curriculum in primary schools earlier this year recommends the introduction of six new areas of learning, including ‘learning about money', according to the Personal Finance Education Group.

It also says a revised secondary curriculum, published in 2007, contains two non-statutory programmes of study for PSHE, one for personal wellbeing and one for economic wellbeing and financial capability.

An FSA study in 2006 suggested that, even though the majority of schools in the UK believe personal finance education is important, less than a third of teachers providing it feel confident in doing so.

"This is a glaring hole in our education system and our economic future," Morris adds. "At present there seems to be no will to fix it. We need personal finance lessons in schools. It's time to change the status quo."