Subscribe to The Money StopNews Feed

Browse > Home / News, News-Credit-Cards / Financial education in schools needs to be practical, say experts

Financial education in schools needs to be practical, say experts

March 13, 2008 by admin  
Filed under News, News-Credit-Cards

Leave a Comment

A “purely theoretical financial education” in schools is not enough to assist students as they need practical experience of making decisions about their money, one financial expert has claimed.

Educational charity pfeg said that students at university need to be trained in balancing a budget in class so they can work out how to balance their finances.

Alastair Mathews, director of policy for pfeg, said: “Some students have already learned something about in their business and economics work – and yet they still don’t have a clue how to manage their credit card.”

The firm added that a theoretical financial education on its own “is not a lot of help” but any subject in the curriculum could be adapted and used to teach children how to use their money.

In the Future Leaders Survey 07-08, conducted by environmental charity Forum for the Future, universities association Ucas and insurers Friends Provident, 81 per cent of respondents (taken this year’s prospective university students) claimed to be ‘very’ or ‘quite’ good an managing money.

Tags: prospective university students, Knowledge, Provident, balancing, credit, personal finance

Tags:

Related Entries

  • Personal finance education wanted in schools by parents
    • New research has revealed that nine out of ten parents think personal finance education should be taught in schools. Findings from the Association of Investment Companies (AIC) showed that over half of respondents in the
  • Calls for financial education receive support
    • Calls from the British Bankers' Association (BBA) for improved financial education in the UK's schools are receiving widespread support.The BBA claims that by educating youngsters in personal finances, they are more likely to be able
  • Debts hitting the young
    • Debts are hitting the young, with over half of England's teenagers having experienced debt by the time they are 17, according to a new survey.The survey, by pfeg (Personal Finance Education Group), found that 90
  • Schools minister angry over uniform issue
    • The Schools Minister in the UK has expressed concern over parents that are being forced to pay out extortionate prices for school uniforms supplied by certain outfitters, and has said that schools should be taken
  • Finance management skills being taught to your students
    • With many adults and households now struggling to keep up with debt repayments, a high number of people struggling to manage their finances effectively, and a record number of bankruptcy and IVA applications being filed,
  • Independent school loss of earnings cover ‘not comprehensive’
    • Loss of earnings cover provided by independent schools may prove to be "value for money", but they are often "very basic", an industry expert has said.According to Steve Danson, a chartered financial planner at Elementum,
  • Britons lack financial education
    • We are not receiving enough education about our finances and this is leading to problems in later life.That is according to the ifs School of Finance which is highlighting the problem as part of Credit
  • New programme in personal finance to be launched
    • The Association of Investment Companies (AIC), Finance and Leasing association (FLA) and APACS, the UK payments Association have all offered their backing to a new educational programme designed to help consumers make informed financial decisions.

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!