pfeg welcomes G20 focus on financial education

A joint study published today by Russia’s G20 presidency and the Organisation for Economic Co-operation and Development (OECD) shows that people in the world’s major economies need to have a better understanding of financial issues in order to make informed decisions on matters such as savings, investments, pensions and credit.

The report, National Strategies for Financial Education, will be presented to G20 leaders in Saint Petersburg this week and finds that a generally poor understanding of financial issues can not only impact an individual’s wellbeing but also affect the long-term stability of economies.

The UK is one of nine countries out of the 21 nations covered by the report to be implementing a national strategy for financial capability, through the Money Advice Service.

In February it was announced that after a two-year campaign led by MPs and peers in the All Party Parliamentary Group (APPG) on Financial Education for Young People, national charity pfeg (Personal Finance Education Group) and Martin Lewis from MoneySavingExpert.com, financial education is set to be taught in secondary schools through the new National Curriculum for England from September 2014. The move brings England more in to line with the other countries in the UK.

Tracey Bleakley, chief executive of pfeg(Personal Finance Education Group), said:

“Financial education is key to long-term economic stability and we are delighted that this point will be made to world leaders at the G20 summit this week. The UK is now finally taking steps, not least through our recent success in securing a place for financial education in the National Curriculum for England, to address the dangers that a lack of financial skills and knowledge can bring.”