Financial education 'absent in schools'

Saturday 20 July 2019

Jersey secondary school children risk difficulties in later life because they're not being taught the "key skills" of saving money and using credit cards, a local finance charity has warned.

The comments came from Community Savings, a financial initiative which provides education and helps islanders in difficulty to access banking services.

For the last few years, the charity has worked alongside several of the island’s secondary schools, providing money management presentations and financial advice to pupils in Key Stages 3 and 4 as part of the Personal, Social, Health and Education (PSHE) curriculum.

Pictured: Financial education is missing in schools.

But more needs to be done, its Executive Chairman, Brian Curtis, has said.

"Greater emphasis should be given to the teaching of financial education in schools," he commented, echoing a recent report from the UK’s All-Party Parliamentary Group (APPG) on Financial Education for Young People, which stresses “understanding how to manage money is a key skill that is essential for all aspects of adult life.”

Pictured: Money management is key is an essential skill for young people to learn.

In particular, Mr Curtis says he is concerned at the absence of uniform financial education across schools, with each school taking a different approach to this aspect of the curriculum, and affording it too short period of time to improve young people’s financial understanding.

“Recent research has shown that just a single one-hour workshop can be effective in improving the financial capability of young people, and boosting their confidence in managing money.” Said Mr Curtis.

Pictured: Just one hour long workshop could be beneficial.

Concerns have also been recently voiced by both the Channel Islands Financial Ombudsman (CIFO) and Citizens Advice Jersey, as increasing numbers of young people are struggling with the outcomes of misusing credit and debit cards.

According to the CIFO, this is a particular problem for young people unable to rely on parents to help them escape financial hardship.

The APPG report also comments positively on the “impactful” programmes delivered by third sector organisations on financial education in the UK.

Mr Curtis added: “We have committed to developing and expanding our existing education programme as we believe financial education is a vital skill for all children and young people.

“I would hope that those who aren’t engaging with us are ensuring adequate provision within their existing timetables for such an important subject.”