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How your business can best support young people’s financial education…and why it matters

Posted on Thursday, February 9th, 2017

Financial education has never been more important for today’s young people. Their quality of life will depend on the ability to manage money well. Whatever their future goals — university, career, self-employment, travel, or buying their own home — personal finance skills will be vital in ensuring their success.

Despite widespread recognition of the importance of financial education, 70% of students leave formal education having never had a properly structured lesson on how to look after their money. This is despite the fact that the subject has been statutory in the secondary school curriculum in England since 2014; and in Scotland, Wales and Northern Ireland earlier than that.

So, why does this matter to your business? Because supporting the next generation of consumers to manage money is not only vital in securing their future, but also that of UK business and the economy. The World Economic Forum includes financial literacy (alongside literacy, numeracy and ICT) as one of six core ‘foundational literacies’ essential for students to thrive in the 21st-century economy.

We know it’s crucial, but also that more needs to be done to equip our nation’s young people with the financial skills and knowledge they need. The question is; how can your business get involved, fill the gaps and make the biggest impact?

Our team of financial education experts have written a short, but thoroughly researched guide on how to address this topic. The guide will show you:

  • Why financial education matters to your business
  • Highlight eight areas that need immediate outside investment and expertise, and what best practice could look like. We see these as real potential growth areas over the next three years
  • Show you some successful examples of financial education programmes led by businesses and other finance institutions

Our aim is that the guide will be a catalyst for new ideas for you and your business, giving you directions of where and how your business can add the most value, whether you are running an established education programme that might need a vibrant refresh, or starting from scratch.

If you’d like to read the guide, please get in touch with Will at wmoody@nationalschoolspartnership.com and we’ll send it to you straight away.

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