Young People: Personal Finances

Lord Flight Excerpts

Thursday 7th February 2013 Lords Chamber

[Lord Nash]

Specifically on online matters, child safeguarding and internet safety are both areas that the Government take very seriously. Schools will provide a grounding in that, but I will agree to meet the noble Lord and discuss this further.

[Lord Flight]

My Lords, I am grateful to the noble Lord, Lord Kennedy, for raising this matter and for the Minister’s reply. This is territory on which I have sought to campaign. Within the two territories to which he referred—mathematics and citizenship—will the territory of understanding concepts be covered? One of the key problems is that unless people have actually had it explained to them, they do not know what a pension or a mortgage is. It is not just about mathematics.

[Lord Nash]

The noble Lord is absolutely right. The draft programme for study states that pupils will be equipped with the financial skills to enable them to manage their money on a day-to-day basis as well as to plan for future financial needs, and that they understand the concept of wages, taxes, credit, debt, financial risk and a range of more sophisticated financial products. I should hope that any proper education on that front would cover those points.