The Financial Services Practitioner Panel has made its case in a new report, which, as debt management difficulties continue to increase, has “strongly” advised the government to introduce lessons aimed at improving the UK’s financial skills.
A statement from the body read: “The panel has always felt that the most effective way to make significant progress on financial capability would be through appropriate amendments to the national curriculum.”
These sentiments have been backed by the ifs School of Finance, which is continuing in its attempts to convince the government that being able to manage personal finances is a “crucial life skill” for UK consumers.
“Schools should be compelled to offer their students the option to study a dedicated personal finance qualification,” said Anne Kiem, director of external affairs at the ifs School of Finance.
Meanwhile, figures form the life assistance firm CPP revealed recently that the average credit card user in the UK now spends more than Â£150,000 on plastic over the course of their lifetime.