Working all year around for Stratton Conservatives

16/12/11 - Swindon Advertiser Weekly Article

This has been a significant week for my campaign calling for compulsory financial education for young people. I have been overwhelmed by the fantastic public support, as well as invaluable backing from the Personal Financial Education Charity PFEG, Martin Lewis of MoneySavingExpert.com, and TV maths expert Carol Vorderman. 

On Monday, following an eight month inquiry by my All-Party Parliamentary Group for Financial Education for Young People, we published a 52-page report setting out a constructive and positive case for how this could be delivered as part of the national curriculum. The inquiry drew on evidence from over 900 teachers and 50 relevant organisations including banks, financial institutions, teaching unions, financial education providers, the Financial Services Authority, the Money Advice Service, and young people themselves. 

The report recommends that: 

• Financial education should be compulsory in every school& 39;s curriculum, and assessed. 
• Every school should have a dedicated & 39;champion& 39; to coordinate financial education drawn from the senior leadership team. 
• Banks and businesses can play an important role, particularly the British Bankers Association. 
• Primary schools should continue to teach financial education using a cross-curriculum approach, but teachers must be able to teach basic maths and money skills. 
• Secondary schools should use a cross-curriculum approach grounded in maths and personal social health and economic (PSHE) education. 
• All teaching materials should be quality marked by a trusted body. 

Building on the report launch we were delighted to have secured a three-hour debate in Parliament yesterday. This happened after 100,000 people signed our e-petition, only the fourth issue to have passed the debate trigger figure. This debate was essential as it allowed us to set out our case at length in the midst of the national curriculum review, which was perfect timing! 

Both the launch of the report and the Parliamentary debate have received considerable positive coverage from both the national media and our supporters. 

Carol Vorderman says: "About half of 16 year olds fail their GCSE Maths. Of those who gain a Grade C, many still find it difficult to calculate percentages. It is time for the skills that everybody needs to be taught fully and properly through the maths curriculum; it& 39;s time for change." 

Martin Lewis of MoneySavingExpert.com says: "For once, thankfully, we have a bunch of politicians who aren& 39;t pussy-footing around. They& 39;re actually using the C word – compulsory. Our nation is financially illiterate; we need compulsory financial education in our schools." 

Young people are entering an increasingly complex financial world of store cards, mobile phone tariffs, credit agreements and financial marketing. I am passionate that financial education is the best way to equip all young people with the relevant skills to make informed decisions and empower them as consumers.