Why Financial Education Is Important

In our latest blog teacher and tutor Daniel McGough spells out why  Financial Education lessons are important, regardless of age.

 

Financial Education: Who it is for? Why is it important? And how can Tutoring help?

 

In September 2014 Financial Education became part of the curriculum, but who is it for? Why is it important? And how can tutoring help? This article aims to answers all questions.

Who is it for?

Financial education is for everyone. Exploring themes such as:

  • Banking and bank accounts
  • Saving
  • Budgeting
  • Borrowing
  • Tax

From Primary through to Adult education, financial education can be tailored to individual requirements.

Why is it important?

Andrew Percy MP, in an APPG report into Financial Education and the Curriculum states that:

 

“Young people today grow up in an increasingly complex financial world

requiring them to make difficult decisions for the future, often without the

necessary level of financial literacy. Credit cards, phone contracts, and

tuition fees all require young people to start making choices at a young

age. These decisions only become more complex with age and as such

the country has a duty to equip our young people properly through education

to make informed financial decisions.”

The lack of financial education costs Brits millions every year and over half of 17 year olds are, or have been in debt. Being financially aware can also assist with Entrepreneurship in children and adults, supporting decisions to facilitate a successful future.

How can tutoring help?

Despite being introduced in the curriculum in 2014, a report from The Money Charity (2016) titled “Financial Education in Schools: How to fix two lost years?” found a number of key findings:

  • “Financial Education is not as effective as it should be. Almost two thirds of teachers tell us financial education in the UK is somewhat or very ineffective.”
  • “The introduction of financial education to the curriculum achieved little on the ground. Nearly three quarters of teachers we surveyed saw little or no change.”
  • “Even though the vast majority of teachers see it as an important responsibility, schools face huge barriers in delivering financial education. Not least the lack of financial skills on the part of teacher.”
  • “80% of teachers believe outside help is needed to deliver financial education.”

Tutoring can provide a focused, tailored and adaptable approach to financial education. We have local tutors who can really help. Equipping children and adults with the ability to make informed choices as well as reducing the stress of decision making in a complex financial world.

Please contact the team at Cardiff & Vale Tutors to arrange a financial education tutor today. Daniel tutors in this important subject  and helps pupils, young and old.