Financial education 'cannot start too early'

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Financial education 'cannot start too early'

Mon 12th Oct 2009

Children are arriving for their first day of school without knowing anything about money and this is hindering their financial understanding, according to an industry commentator.

Celia Allaby, regional director of the Personal Finance Education Group, has called for politicians and lawmakers to place more focus on getting financial education into schools.

She pointed out that children no longer see their parents handing over money for possessions as they put everything on their credit and debit cards.

This leads to a failure to understand how to barter, which is a central part of how money works, according to Ms Allaby.

"There's a lot of discussion that whether making this topic area legally binding through statute might make it better or might not," she added.

Ms Allaby's comments were made following the news that the Scottish government is aiming to improve financial education in its schools by giving extra training to teachers and making the subject more prominent in the curriculum.

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