MPs back personal finance lessons in schools

A number of members of parliament (MPs) have come out in favour of providing British teenagers with personal finance lessons in their schools.

Kitty Ussher, economic secretary to the treasury, told the House of Commons recently that teaching young Britons debt management skills and about how to handle money could have significant benefits nationwide.

“I have listened to 15 and 16-year-olds at Burnley college explaining with great maturity how they would decide what type of credit card to have, if any,” said Ms Ussher.

Opposition MPs also suggested that if the UK’s young consumers are to avoid a future of debt management woes, they ought to be taught basic financial skills in schools.

Liberal democrat economic spokesperson Julia Goldsworthy said: “Young people’s financial education should be relevant, not cornered off into a maths lesson in which they might not want to engage.”

Meanwhile, the UK’s payment association Apacs recently launched a guide designed to help parents ensure their children avoid unmanageable credit card debt.