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Tomlinson: schools should improve personal finance teaching

Should employees from High Street banks be invited into the classroom to improve lessons?

The All Party Parliamentary Group of Financial Education has submitted a report to the Department for Education, saying that the new National Curriculum needs to include a far better provision for teaching children about personal finance.

MP Justin Tomlinson, Chair of the All Party Parliamentary Group on Financial Education for Young People says: "We feel we have a duty to make the next generation of consumers be in a position where they can make informed and savvy decisions."

He explains that "factual financial education would include calculating, mobile phone tariffs, energy tariffs and the cost of a loan."

Conversely, Martin Johnson, Deputy General Secretary of the Association of Teachers and College Lecturers, believes that although "there's no problem about teachers working with banks", he believes "the question is, whether the teacher is in control of the materials and in control of what's taught."

Mr Johnson also thinks that other than banking "young people need to understand if they're to make the best of their personal financial situation, they need to know about the ever changing complexities of our benefits system, their legal rights for the minimum wage, what the living wage means and to understand the importance of joining a trade union at work, so they can get their legal rights to fair wages."

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