Last Updated: 03 February 2011
Created: 03 February 2011
Justin Tomlinson MP with Martin Lewis - MoneySavingExpert.com
Justin Tomlinson MP today launched an All-Party Parliamentary Group for Financial Education for Young People.
At the launch event 171 MPs (cross-party) signed up, supported by 40+ organisations - making this the biggest APPG launch of the new Parliament.
Justin Tomlinson MP, Chair of the APPG, comments:
"Young people are entering an increasingly complex financial world of store cards, mobile phone tariffs, credit agreements and financial marketing. Through my MP casework, I have seen first-hand the implications for those who have made poor decisions, too often through a lack of understanding.
"I am passionate that financial education's the best way to equip all young people with the relevant skills to make informed decisions and empower them as consumers. I have been working hard to secure cross-party support to help champion this cause, so the next generation is equipped to confidently address the financial challenges ahead."
Martin Lewis, creator of MoneySavingExpert.com, comments:
"It's a national disgrace that in the 20 years since student loans launched we've educated our youth into debt, but never about debt. Now as tuition fees are getting bigger and some will pay commercial rates of interest for them, we simply can't let students take this debt out unless they know how it works.
"What's been deeply frustrating campaigning on this over the years is while virtually everybody agrees it's needed and people often say 'I wish I'd had it', making it happen is a nightmare. That's why this co-ordinated effort is so exciting. After all, as a financially illiterate nation, it's not enough to rely on parents. Schools are the key to breaking the debt cycle leading to less mis-selling, fewer bad debts, better consumers and could save the public coffers a fortune."
Wendy van den Hende, pfeg Chief Executive, comments:
"It's essential that young people leave school equipped with the confidence and knowledge they need to be in control of their money. Although some excellent work has been done in schools, the delivery of personal finance education on a national level is patchy.
"It needs to be a priority for every school to provide it for all its pupils. If we want the next generation to be financially capable we need financial education at every stage of their school life. It is both exciting and gratifying to have so many MPs supporting the APPG on Financial Education for Young People and we believe their involvement will truly help raise the profile of this important issue."
Justin Tomlinson MP & Wendy van den Hende Speeches:
Martin Lewis Speeches: