Schools to focus on financial literacy

Schools around the UK are being encouraged to improve the level of financial literacy among British children, the Treasury has announced.

While debt management problems continue to plague families across the country, the government is keen to see younger generations of Britons understand the basics of personal finance.

Around £11.5 million has now been invested to support the education of the UK’s school children in issues such as how to open a bank account and how interest rates might affect their finances.

Kitty Ussher, Treasury minister, said: “Financial understanding is a key life skill. Children need to understand the value of money and how to interact with financial service providers to provide for their own futures.

“The skills they will learn in class, combined with the experience of having their own savings product, will better equip them to avoid financial problems in later life.”

Figures from the Credit Action organisation suggest that the UK’s debt management burden increases by close to £1 million every four minutes.