Young People: Personal Finances

Lord Kennedy of Southwark Excerpts

Thursday 7th February 2013 Lords Chamber

Asked By

[Lord Kennedy of Southwark]

To ask Her Majesty’s Government what action they are taking to ensure that young people have a proper understanding of managing personal finances before leaving school.

[The Parliamentary Under-Secretary of State for Schools (Lord Nash)]

My Lords, I agree entirely with the sentiment underlying the noble Lord’s Question. The ability to manage one’s finances is a very important skill that all young people should have. The Question is also brilliantly timed as my right honourable friend the Secretary of State for Education is currently on his feet in another place, outlining the draft programmes of study for the national curriculum, among other things. The new national curriculum will place a renewed emphasis on mathematics, which itself will include a strong focus on arithmetic, money and percentages. In addition, citizenship will include a strong and specific emphasis on financial education.

[Lord Kennedy of Southwark]

I thank the Minister for his reply. Leaving school with the skills, knowledge and confidence to manage money is vital—we agree about that. If those skills are not learnt in school they will probably never be learnt. I found out that the average age when a child makes their first purchase online is 10. What cross-departmental work is going on to ensure that those essential skills are learnt, and would he agree to meet me and some campaigners on the issue to discuss this in more depth and explore what can be done further?

[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.