The inquiry took evidence from charities, education groups and other organisations working with vulnerable young people, as well as a group of young people themselves. Its final report calls on central government, local authorities, financial institutions and other organisations working in this area to do more to support the financial education of vulnerable under-25s. Key recommendations include;
For Government
To enable statutory bodies coming into contact with vulnerable young people, such as Job Centre Plus, the NHS and Youth Courts, to train their staff to be able to help support and signpost them to manage their money
To promote improved coordination and partnership working between providers of financial education for vulnerable young people across all sectors
For local authorities
To take responsibility for the development of coordinated local strategies to develop and improve the financial capability of vulnerable young people
To review the provision of financial education specifically for those in or leaving care and develop an appropriate tailored strategy embedding good practice
For financial institutions
To provide young people with appropriate advice around managing their money, particularly when an account is first opened or if difficulties become apparent
For organisations working with vulnerable young people
To ensure that promoting financial capability is embedded in their policies, procedures and practice
To take opportunities to engage in and promote partnership working and share expertise and good practice
Steve Brine MP said: "I was overwhelmed with the positive local response when I joined the All-Party Group back in 2011, and I am delighted that we have come so far. There is an excellent set of recommendations, and from September 2014 we will now see financial education taught in schools."
The All Party Parliamentary Group on Financial Education for Young People was launched in January 2011 to provide a medium through which MPs, Peers and interested organisations can discuss and encourage the teaching of financial education in schools and colleges. In December 2011 the group published a report of a major inquiry into financial education in primary and secondary schools, which called for financial education to be made a compulsory part of the National Curriculum. The APPG has since conducted a review of financial education provision in the further education sector.
In September it was confirmed that financial education will be taught in secondary schools in England through the new National Curriculum from September 2014. The move, which follows years of campaigning by the APPG, national charity pfeg (Personal Finance Education Group) and MoneySavingExpert.com's Martin Lewis, brings England more into line with Scotland, Wales and Northern Ireland.
More information ...
The full report is available here