Finance education report welcomed

The ifs School of Finance said that introducing the qualifications in England and Wales was “essential” to tackle Britons’ mounting debt problems.

“We welcome the ippr [Institute for Public Policy Research] report which provides yet more evidence that millions of adults have difficulty managing their finances and that financial education in schools would improve the situation,” said Gavin Shreeve, chief executive of the ifs School of Finance.

The ippr revealed that people can be £23,000 better off in middle age if they receive personal finance education at school.

Last November the Qualifications and Curriculum Authority (QCA) said that personal finance education will become part of GCSE maths from 2010 and in other classes from next year.

Mr Shreeve said that by teaching students now, it will improve their money and debt management skills later in life.