A roundtable discussion hosted by GoHenry, the prepaid debit card and financial education app for kids aged 6-18, at the Welsh Parliament found that cross-party members of the Senedd are united in supporting the need for better financial education for young people in Wales and across the UK.
Alongside cross-party MSs, expert speakers at the round table included: Ruth Vero, VP Operations at GoHenry; Patrick Jenkins, Deputy Editor at the Financial Times and Chair of FT Financial Literacy and Inclusion Campaign (FLIC); Stewart Perry, Director at The Centre for Financial Capability; Leon Ward, CEO of MyBnk; Lee Phillips, Wales Manager at Money and Pensions Service (MaPS); and Andrew Jones – Founder of The Wealth Creators Club.
The discussion focused on the benefits of financial education and the current school provisions in Wales, taking into account the cost-of-living-crisis. Participants agreed it was vital to equip children with the practical money skills needed to navigate real-world finance successfully, and that effective financial education from an early age could mitigate some of the challenges young people in Wales are currently faced with.
Research from GoHenry has shown that adults who have been financially educated in younger years are more likely to be in higher paying jobs and could contribute an extra £202 billion to the economy by 2050. They would also be, on average, £70,000 richer in retirement. Evidence shows financial education could also result in the formation of 76,400 more businesses annually.
Commenting on the roundtable, Ruth Vero, Vice President, Operations of GoHenry said:
“The Senedd roundtable was a hugely encouraging event, which confirmed that everyone is on the same page when it comes to financial education, and the need to get it right. Like swimming and cycling proficiency, financial education is an essential life skill that young people should receive expert training on, rather than being thrown into the deep end when they leave full time education.
“The cost-of-living crisis has made it increasingly clear that something needs to change. Now it is time for the UK Government to sit down with both the education and financial services sector in Wales, Scotland, and Northern Ireland, and work out how we deliver an in-school financial education programme that can benefit each and every young person in this country.”
James Evans MS, who chaired this Senedd roundtable discussion added:
“The passion and commitment for delivering effective financial education from those in the financial services sector is unquestionable. So too is the cross-party consensus that this is something we have to get right.
“At present, the financial education provisions in Wales, and across the UK, are some way from where they need to be. I hope this roundtable can be a trigger for both the Welsh and the British Government to come together to do the right thing for our young people and ensure that effective financial education provisions are embedded in every school, primary and secondary, right across the country.”Recommend0 recommendationsPublished in