{"id":289989,"date":"2011-03-05T00:04:19","date_gmt":"2011-03-05T00:04:19","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/05\/mps-demand-school-money-lessons\/"},"modified":"2011-03-05T00:04:19","modified_gmt":"2011-03-05T00:04:19","slug":"mps-demand-school-money-lessons","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/05\/mps-demand-school-money-lessons\/","title":{"rendered":"MPs demand school money lessons"},"content":{"rendered":"

\n \t\t
\n 4 March 2011<\/span>
\nLast updated at <\/span>19:04 ET<\/span>
\n<\/span><\/p>\n

\t\t\t\t\t \t \t\t \t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tBy Brian Milligan<\/span>
\n\t\t\t\tBusiness reporter, BBC News<\/span>
\n\t\t\t<\/span><\/p>\n

More than 200 MPs have signed a motion calling for financial education to be made compulsory in schools.<\/p>\n

The MPs want all school children to be taught about money issues, including how to buy a mobile phone, or how to compare bank accounts.<\/p>\n

A government education review is currently considering which subjects ought to be compulsory.<\/p>\n

The all-party parliamentary group is lobbying for the subject to become a key element of the national curriculum.<\/p>\n

“We are bombarded with mobile phone tariffs, direct debits, standing orders and complicated deals,” says Justin Tomlinson, a Conservative MP who heads up the group of MPs, called Financial Education for Young People.<\/p>\n

“It’s a difficult and challenging world out there, and I want to be able to equip young people so they can make informed decisions.”<\/p>\n

“Very important”<\/span><\/p>\n

Some schools do currently provide lessons in how to handle money, but availability is often down to individual institutions.<\/p>\n

Tower Hamlets College, in the east end of London, is one place where further education students do get taught about money issues.<\/p>\n

Often it is as part of a wider course, such as business studies or hairdressing.<\/p>\n

“It’s very important,” says one student, 20-year old Waseem Shaikh.<\/p>\n

“I’m planning on going to university next year. If you decide to take a loan, you need to know what interest rate to pay.”<\/p>\n

Fellow classmate Mohammed Munya, aged 17, agrees.<\/p>\n

“I’ve learnt about the small print that credit card companies use, and what APR stands for,” he says.<\/p>\n

But should such lessons be compulsory, and should tax payers be funding them?<\/p>\n

Private cash<\/span><\/p>\n

Many of the UK’s High Street banks already put money into financial education.<\/p>\n

\n\tContinue reading the main story<\/a>\t<\/p>\n

\u201cStart Quote<\/span><\/h2>\n
\n

The intent of this is not to win business\u201d<\/p>\n<\/blockquote>\n

End Quote<\/span>
\n\tDeanna Oppenheimer<\/span>
\n\tChief executive, Barclays UK Retail<\/span><\/p><\/div>\n

This week Barclays announced a \u00a315m cash injection, to help pay for resources to teach youngsters.<\/p>\n

But some are privately unhappy that services are being supplied by the private sector at all.<\/p>\n

“They have their own agenda,” said one charity worker.<\/p>\n

The banks argue they are filling a gap which is not being catered for by public funds.<\/p>\n

“The intent of this is not to win business,” says Deanna Oppenheimer, the chief executive of Barclays UK Retail.<\/p>\n

“Wherever a person chooses to get a current account, it’s just important they understand how to manage their money,” she says.<\/p>\n

The Barclays scheme aims to reach a million 16 to 24-year olds, with up to 2,000 of the bank’s staff giving up time in the office to help.<\/p>\n

Key issue<\/span><\/p>\n

The government says it will consider the MPs’ demands, as part of its two-year review of the schools curriculum.<\/p>\n

But it points out that it is moving away from making subjects compulsory, preferring to leave things such as financial education up to individual schools.<\/p>\n

John Hayes, the Minister for Further Education and Skills, told the BBC that the issue was important, but enough was already being done through existing schemes.<\/p>\n

“We know that people need to know how to manage money,” he said.<\/p>\n

“Our support for high quality education feeds into our ambitions to build a literate, numerate citizenry.”<\/p>\n

But the MPs are still determined to get such lessons onto the timetable as a compulsory subject.<\/p>\n

They are now preparing a full report on the issue, and say they have got the support of more than 60 relevant organisations. <\/p>\n<\/p><\/div>\n<\/p>\n

More here:
\nMPs demand school money lessons<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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