MPs back money lessons for pupils
More than 100 MPs have joined forces to call for financial education to become compulsory in schools.
Around 120 MPs have formed the All Party Parliamentary Group on Financial Education for Young People to push for children to be given lessons on money, consuming and debt to ensure they are equipped to make financial decisions.
The group, which is thought to be one of the biggest ever All Party Parliamentary Groups, aims to push financial education up the agenda, co-ordinate the different agencies that are already working on the issue, and make resources available to schools that want to teach the subject.
Justin Tomlinson, chairman of the group, said: "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 is 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."
Nearly 31,000 people signed an online petition run by MoneySavingExpert.com and Mumsnet, calling for financial education to be put on the national curriculum, and around 5,000 people have written to their MP asking them to support the Parliamentary group.
A survey carried out among 8,000 people also found that 97% supported teaching financial education in school.
The need for financial education has become increasingly pressing in recent years, as the demise of final salary pension schemes has left consumers having to make complex financial decisions on their own, while rising tuition fees mean the majority of students will start their working lives in debt.