MPs call for personal finance lessons

MPs from each of the three main political parties have now signed a parliamentary motion calling for government efforts to give the UK’s young people access to “meaningful financial education”.

Liberal Democrat MP and economic expert Julia Goldsworthy said: “Many people struggle to manage their finances effectively, primarily as a result of poor levels of financial capability.

“This has implications not only for the individual concerned but also for the wider community and the economy as a whole.”

Meanwhile, the ifs School of Finance, which offers personal finance qualifications, has welcomed the political focus on the apparent lack of debt management capability among UK consumers.

The Insolvency Service revealed earlier this year that more than 30,000 people in the UK were declared bankrupt or entered an Individual Voluntary Arrangement (IVA) during the first quarter of 2007.