One of the biggest ever All Party Parliamentary Groups was published today with a concerted attempt to help young people navigate an ‘increasingly complex financial world’.
MPs hope lessons in schools – with recognised qualifications to boot – will ’empower’ future generations to take on the challenges ahead.
Particularly, the dying of final salary retirement benefits – which negated the requirement for conscious retirement saving – is making people to make complex long-changing financial decisions at more tender ages.
Future generations will also face a lifetime of bigger debts when university fees are hiked to £9,000 a year.
Justin Tomlinson, chairman of the group, said: “Young people are entering an increasingly complex financial world of store cards, mobile phone tariffs, credit agreements and financial marketing.
“Through my MP casework, I have seen first-hand the implications for those who have made poor decisions, too often through a lack of understanding.
“I am passionate that financial education is the best way to equip all young people with the relevant skills to make informed decisions and empower them as consumers.”