I’m supporting better financial education in schools after attending the launch of a report by the All-Party Parliamentary Group (APPG) on Financial Education for Young People. The report recommends that the Government should promote the provision of high quality financial education in schools in England.
Lack of financial knowledge is a big problem in Britain. A survey by the UK Payments Council has found a notable lack of understanding of the meaning of the most common financial terms. For example, only 36% of people know that the term APR relates to payments.
Moreover, lack of financial education has cost Brits nearly £250 million in charges and penalties alone. Almost a quarter of people have been hit by charges because they don’t understand the terms and conditions of financial products, according to research from uSwitch.com.