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Money education scheme rolled out
8:54am Monday 21st January 2013 in Business Daily
PLANS to bring financial education to thousands of young people in some of the country's most disadvantaged areas have been unveiled by a charity.
The Personal Finance Education Group (pfeg) announced a new partnership with information services company Experian, which it said will help it rapidly expand a financial education programme already running in some schools.
The charity, which has been among those campaigning for financial education to be placed on the national curriculum, said 20 more schools in some of the most financially disadvantaged areas will be transformed into centres of excellence in financial education. It said Experian will fund the development of the schools, making them "beacons of best practice" in teaching young people about how to manage their money.
The financial education lessons will be led by teachers and the schools taking part will be in Hull, Manchester, London, Nottingham, Bristol and Middlesbrough.
Schools will be targeted by Experian using its own bank of information about areas where people are more likely to have lower levels of financial education. It will look at, for example, areas where there are higher concentrations of people with low credit scores or who do not have access to a bank account.
Pfeg believes financial education is a "crucial" life skill that everyone should be able to have access to, and it provides free support, advice and resources to people involved in teaching young people about money.
The charity is in the process of selecting schools to work with, and said its plans have already generated a lot of interest.
The schools which take part in the three-year programme will be required to pass the information on to clusters of other schools in their area, making the project even more widespread. The charity's programme has been focused on England but it aims to eventually step up the project across the UK.
Some 39 schools have already become centres of excellence as part of the programme.
Tracey Bleakley, pfeg chief executive, said: "It has never been more important to ensure that young people are taught these crucial life skills, and our partnership will benefit thousands of children over the next three years and beyond."
© Press Association 2013
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