In the wake of the economic situation, Credit agency Equifax believes that it is more important than ever that future generations are taught financial skills. This belief is reinforced by the findings of recent research* conducted by Equifax amongst parents, where 35% said they don’t think their children have a good understanding of the value of money and 94% believe financial education should be part of the national curriculum.
“Young people now live in a world where debt is a fact of life and research has found that student debt has topped £5,000 for each year of study” says Neil Munroe, External Affairs Director for Equifax. “This makes it absolutely imperative that, as early as possible, young people understand how best to manage their finances. It is therefore very encouraging to see the work of My Money Week, which aims to help schools teach children more about managing money in a way that is practical and relevant to them.”
More than a third of parents who responded to the recent Equifax research on finances amongst young people, believe that their children have a good understanding of the value of money. But almost the same number think this is not the case. When it comes to children’s understanding of money management, 73% of parents said they felt their own parents’ attitude to money and finances had influenced how they now manage their finances.
“Clearly the right attitude about money management starts at home” continued Neil Munroe. “But we believe the school curriculum can play a very important role in preparing young people for the challenges of the 21st century. And that includes being in control of their finances and managing debts more effectively than the generation before them.”
