Vulnerable young people need better financial education, say MPs

A report by the All Party Parliamentary Group (APPG) on Financial Education for Young People calls on councils to develop local strategies to improve provision and to review the offer of financial education specifically for those in or leaving care. 

It also calls on the government to enable Job Centre Plus and the NHS to train staff in supporting and signposting young people who are vulnerable to better manage their money.

The call follows a 10-month inquiry that found more can be done by the government, local authorities and charities to support the financial education of young people.

Fiona Bruce MP, chair of the inquiry, highlighted the need for greater support.

She said: “The inclusion of financial education in the national curriculum for secondary schools has been a big step forward but it is essential that vulnerable people outside mainstream education are not left behind.

“Our inquiry has identified a serious need for more to be done to support the financial education of this group of vulnerable under-25s - and so improve their life chances – and we have outlined specific ways in which this can be achieved.

“We hope that the government, local authorities, financial institutions and other organisations working in this area study our findings and work together to improve provision of these vital life skills to young people in need of support.”

Justin Tomlinson, APPG chair, added: “We need to make sure that everyone receives the benefit of teaching and learning about money. This is especially true of vulnerable young people who are at particular risk of financial and social exclusion.”

Last month it was confirmed that financial education will be taught in secondary schools in England from September next year.