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Financial Literacy – why it’s SO important

Picture: APPG & Association of
British Insurers.

Every week at Citizens Advice we see many people with serious debt problems. Our trained advisers can always help but we think prevention would be much better than cure.

That’s why we’re working with Epsom & Ewell High School on a new financial literacy project. The aim is to help young people understand more about money as they move into the adult world.

A report* by a cross-party group of MPs about financial resilience shows why this is so important.

According to group chair, Shaun Bailey MP, the report shows how close large groups of the population are to a crisis in their personal finances. It’s “particularly important in revealing that those who we may commonly define as ‘comfortable’ or ‘middle-class’ can be one negative life event away from struggling to meet essential costs”.

Among the group’s recommendations:

Given the low levels of financial education and engagement in the UK, the Government should work closely with existing avenues of guidance as a step to improving public awareness of finances.

We agree! Our financial literacy school project is designed to help and we’re very grateful to Councillors Steve McCormick and Bernie Muir, the Ruxley Foundation and Aviva for their support.

Our 6-part course for year-12 students covers loans, credit, saving and staying out of debt. The CAEE team will be in school during the Autumn term.

* Saving, Spending, Surviving: a holistic view of people’s financial resilience during the pandemic, Financial Resilience All Party Parliamentary Group, July 2022

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