Schools: Financial Education

Lord Sarfraz Excerpts

Wednesday 31st January 2024 Lords Chamber

[Lord Sarfraz (Con)]

My Lords, I thank my noble friend Lady Sater for securing this debate and for her very powerful opening remarks.

Many kids today will be alive and transacting in the year 2100. A child who is in year 4 today will in 2100 be only in their 80s and will probably live another 20 years after that. So, when we design content, it needs to be future-proof and include ideas such as “Making money is not a bad thing. Taking risks and losing money—by starting a business, for example—is not the end of the world”. I declare an interest, having done that several times.

Thinking big about opportunities is good. I remember that, when the Government set out the ambition of the UK being a global science superpower, many Members of your Lordships’ House objected, saying it was arrogant. I cannot get my head around that. Our kids should be unashamedly ambitious. The world’s population in their lifetime will be just under 12 billion. So, if they are lucky enough to make money, we should teach them to be thoughtful and impactful with it.

So let us do all that we can to get third-party providers delivering programmes in schools that focus on the future of money, whether that is decentralised assets or cryptocurrency—not to mention AI, which will completely change insurance, investing and savings as we know them.

The next time your child or grandchild decides to create an avatar to sell virtual cookies, taking payment in cryptocurrency, please do not stop them; let them have a shot at it.