On Monday 31 January, Stephen Timms MP attended the launch of the All Party Parliamentary Group (APPG) on Financial Education for Young People. The APPG is part of a major campaign for compulsory financial education. Currently 123 MPs from all parties have joined the group, making it one of the largest APPGs.
The group is calling is for compulsory financial education in schools, ensuring young people understand money, consuming and debt. MP' hope the new group will help push financial education up the agenda. Many other agencies are working with the APPG, the Personal Finance Education Group and moneysavingexpert.com.
After the launch, Mr Timms said:
“It is vital that young people in our schools feel comfortable in dealing with issues, such as personal finance. By teaching young people about money, we can help in providing them with the knowledge they need in a complex financial climate.
“I am delighted to be a member of this group. I hope that through working together, we will be able to help young people better understand the difficult choices that they will need to make .”
Also at the launch was Martin Lewis, creator of MoneySavingExpert.com. He said afterwards:
"What's been deeply frustrating campaigning on this over the years is while virtually everybody agrees it's needed and people often s
ay 'I wish I'd had it', making it happen is a nightmare. That's why this co-ordinated effort is so exciting. After all, as a financially illiterate nation, it's not enough to rely on parents. Schools are the key to breaking the debt cycle leading to less mis-selling, fewer bad debts, better consumers and could save the public coffers a fortune."