MPs launch inquiry into financial education

MPs are calling for evidence from the industry after launching an inquiry into the level of financial education in primary and secondary schools.

The Financial Education and the Curriculum inquiry will take written and oral evidence from the financial services industry, teachers and other interested parties.

It will then produce a report on how to transform financial education in schools to establish a consistent and sustainable model.

With 10 MPs from across the benches participating in the inquiry, the report will provide the All Party Parliamentary Group (APPG) on Financial Education with a response to the government's review of the National Curriculum.

Inquiry chairman Andrew Percy MP, a former teacher, says: "Our consultation will establish the ground rules for successful and sustainable models that will make finance learning part of life in every school - but we can't get there without the evidence we need from those involved in bringing finance education to life.

"I urge everyone involved in this vital area of work to submit evidence to the Financial Education and the Curriculum inquiry."

The APPG, launched in January, is backed by the Personal Finance Education Group and MoneySavingExpert.com and already has support from 215 MPs.

Martin Lewis, creator of MoneySavingExpert.com, says: "We're a financially illiterate nation with a massive personal debt problem, about to treble student loans.

"We need to prepare young people for the debt they are getting into and 97% of people support financial education in schools."

Justin Tomlinson MP, chairman of the APPG, has previously told Professional Adviser how IFAs could have an important role to play in bringing more financial education into schools.

More information on submitting evidence to the inquiry can be found here