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Academy schools 'should teach pupils about money management'

Published 05/09/2016

Teaching children about handling money could help them avoid financial problems in later life, Yorkshire Building Society said
Teaching children about handling money could help them avoid financial problems in later life, Yorkshire Building Society said

Academy schools are being urged to pledge to teach financial education from this academic year.

Yorkshire Building Society has written to head teachers of more than 5,000 academy schools in England to ask them to teach pupils how to manage money. The subject is on the national curriculum but is not mandatory in academies.

The letters were co-signed by Andy Caton, Yorkshire Building Society's chief corporate affairs officer, and MP Wes Streeting, who is a Treasury Select Committee member.

The building society has launched an initiative called Money Minds, which is aimed at pupils aged between five and 19. The scheme supports teachers or volunteers to deliver financial education sessions in schools or youth organisations.

Mr Caton said: "Learning how to effectively manage finances is a vital life skill and it's crucial that children are given the education they need so that they are better prepared now and later in life.

"We hope all academy schools are just as committed to financial education and sign our pledge stating just that. Understanding things such as the likely costs of a bank account or loan and being able to make informed choices will help people avoid financial problems."

Mr Streeting added: "All schools, whether they are local authority run or academies, should be including financial education in what they teach."

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