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Financially educate children, government urged

Financially educate children, government urged

Category: Money

Updated: 25/01/2011
First Published: 28/04/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The next government have been advised to introduce financial education to schools as part of an effort to tackle the growing issue of funding the UK's ageing population.

The call has come from Safe Home Income Plans (SHIP), the trade body for equity release providers, which said that by teaching students at secondary school the basics of finance, such as mortgages and saving for retirement, a sense of financial responsibility should be cultivated, rather than a reliance on the state.

An older population is putting real strain on the UK economy, but it is hoped that financial education could be key in stressing the importance of saving for retirement.

"The earlier in life people come to understand the importance of saving money, the more likely it is to become a habit – one that will prove invaluable in later life," commented Andrea Rozario, director general of SHIP.

Financially educating young Britons is part of a three point plan that also encourages people to take the advice of qualified advisers when making decisions about retirement.

A closer relationship between the government and the retirement industry makes up the three point plan, so that solutions can be found to suit the changing needs of consumers, said SHIP.

The main parties have unveiled some of their retirement policies, such as the Conservative initiative to ask people to work a year longer to fund state pensions, but more is being urged.

"All of the political parties have made moves to address the problems facing our ageing population," added Ms Rozario.

"However, these must be more than soundbites to woo voters in the run-up to the election."

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