CAP welcomes the Education Committee’s inquiry into financial education, and strongly agrees with the need to improve the delivery of financial education across the UK for individuals of all ages. CAP believes that the Government has a key role to play in encouraging comprehensive delivery of financial education across the UK, and in addressing inequalities in financial wellbeing across the population.
Key points raised:
- Financial education needs to equip individuals with the ability to navigate complex financial systems, alongside a focus on personal income and expenditure.
- Financial education could be woven across the curriculum, contextualising learning with real-life budgeting and financial choices.
- Money management skills and confidence can be taught in an age-appropriate way to all ages, helping set up young people to manage their money well in the future.
- Financial education is not limited to a school setting. Integration of financial education in the school curriculum should be seen as a levelling opportunity to complement young people’s experiences with money outside of the classroom.
- Financial education needs to be practical, fun and engaging.