Fears children across East Yorkshire are lacking money skills

It's said to risk them falling into debt as an adult

Fears children across East Yorkshire are lacking money skills
Author: Andy MarshPublished 19th Feb 2024

Teachers across East Yorkshire have been telling us thousands of children in the region are leaving school or college without proper money skills meaning they're at risk of getting into debt.

The Money and Pensions Service says many feel there isn't enough priority given to the issue.

The Department for Education say financial knowledge is already a compulsory part of the national curriculum for those aged between 5 and 16 - in Maths and Citizenship.

We spoke to Jenny Wright works for the service in East Yorkshire.

If they leave school not understanding money they take that through their adult life

She says: "We need money everyday don't we?"

"Money impacts our everyday lives so not having education about it can cause us serious problems."

"Also it can impact our relationships if we don't know how to talk about money as well."

"When people leave school and they don't understand about money they take that through their whole adult life."

"They get a job and they don't understand their pay check - they're offered loans and don't understand how those work."

70 per cent of teachers in the region are concerned about financial education

"We want people to understand how to use money - what they're wants and needs are."

"That's a totally different thing - if you want something and don't necessarily need it and parents having those conversations with children can help with pestering."

"We know that 70 per cent of teachers in the region are worried about financial education - they think there's not enough of it."

"There is a movement to get that going."

"We also know that parents, grandparents - other people who have contact with children - are key to supporting them in learning about money as well."

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