In a letter to the shadow schools secretary Michael Gove on the Children, Schools and Families Bill, Ed Balls the Secretary of State for Children, Schools and Families writes, ‘There is now widespread agreement that statutory PSHE is essential to prepare young people for adult life. It is very disappointing that your refusal will set back our plans to ensure that all pupils receive high quality financial education from 2011.’
MyBnk has reached over 20,000 young people in just 3 years, working with 71 schools and youth clubs. Working on the frontline with teachers and students, it is clear both are crying out for more education on money management in the current economic climate, indeed 80% of young people who completed a MyBnk programme would like to receive further financial education. This is especially true when you considerthose youngsters either moving onto university, or who are NEET (not in education, employment or training).
MyBnk fears that it will be only forward-looking schools that create time for such an essential agenda. Financial inertia amongst future generations and the UK economy as a whole will continue so long as young people do not receive the required finance education to make informed decisions as they progress through their lives, it says.
