MAS embarks on financial education drive

The Money Advice Service (MAS) has launched a review into the educational work of the financial services industry to encourage greater understanding of money among young people in the UK.

The work is being supported by The Royal Bank of Scotland Group, Barclays, Lloyds Banking Group and Prudential.

Jonathan Douglas, a non-executive director at the Money Advice Service and chief executive of the National Literacy Trust, will lead review.

As part of the project, MAS will be commissioning new research into the best way financial education can be provided to young people.

Douglas said the financial services sector has identified a need for a clearer overview of education programmes.

"We must urgently bring together trusted partners who are working in this field and consolidate our understanding of existing evidence," he said

Rob Devey, chief executive of Prudential UK & Europe, said alerting young people to the benefits of using a financial adviser would be central to the campaign.

On Monday, the All Party Parliamentary Group on Financial Education for Young People will publish its inquiry, followed by a debate into the future of financial education in Parliament on Thursday.