Educational Deficit
7 December 2009
Publication:
Some of the most disadvantaged young people are missing out on vital money management training that could save them from a life of debt, according to research conducted by MyBnk for the Aldridge Foundation.
Despite the Government's plans to make personal money management a compulsory part of school PHSE lessons from January 2010, the report warns that young people who are not in education, employment or training will continue to miss out and urges the Government to target them too.
The report, 'Educational Deficit: the financial educational needs of young people in Brighton and Hove,' was conducted among young people aged 12-21, many who were not in education, employment or training (NEET).
It found that many young people do not have access to personal finance education, but ask for it, and young people lack the necessary knowledge and support to manage their money effectively at the transitional periods of their lives. A number of individuals claimed that if they had been given personal finacial education earlier, then they would have aspired to greater educational goals.
Rod Aldridge believes, “it’s particularly fundamental that young people understand numbers and the implications of saving up for things with banks, accepting loans and running homes. Ultimately it has got to start somewhere and the classroom is a good place for that. If you don’t have that understanding it becomes quite difficult because to get into debt is a major issue.”
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