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Financial Education Campaign guides discussion

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  • Mark Hoban MP (Fareham, Hampshire) replied to my email by first class post. There's importance for you. As a member of the government - Financial Secretary to the Treasury - he is unable to join the 'All-Party Parliamentary Group for Financial Education for Young People'. The rest of his letter is word for word the same as the reply from Liam Fox MP quoted earlier in the post by MSE Wendy (20-01-2011).

    A salient point made by MPs Fox and Hoban is that Financial education is currently part of the personal, social, health and economic education (PSHE) syllabus for key stages 1 to 4. The recently published schools White Paper ' The Importance of Teaching' announced the Government’s intention to conduct a separate internal review to determine how schools can be supported to improve the quality of PSHE teaching, including giving teachers the flexibility to use their judgement about how best to deliver PSHE.

    MSE and supporters need to note that most of the PSHE debate is currently concentrated on sex and relationship education. A useful strategy might be to emphasise the Peacocks tail component of economic competence and viability. Financial security and wealth indicate potential for satisfying sex and rewarding relationships for all participants.
  • I emailed my MP, Roger Godsiff (Labour, Hall Green ward, B'ham), and received the following reply from his researcher:
    Roger has asked me to drop you a line regarding the establishment of an All Party Parliamentary Group for Financial Education for Young People and to thank you for bringing this matter to his attention.

    He is more than happy to support the aims and objectives of the new group and has e-mailed the organiser accordingly.
  • Ken68
    Ken68 Posts: 6,825
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    It seems that financial awareness is already part of the curriculum. Odd that some of the politically orientated staff haven't picked up on the tricks of the trade.
  • Hi
    Emailed my local MP and got the following reply today.

    [FONT=&quot]Dear Andy,[/FONT]
    [FONT=&quot] [/FONT]
    [FONT=&quot]I have contacted Justin Tomlinson with a view to joining this group. I agree with you completely. Thanks for letting me know about it.[/FONT]
    [FONT=&quot] [/FONT]
    [FONT=&quot]Yours sincerely,[/FONT]
    [FONT=&quot] [/FONT]
    [FONT=&quot] [/FONT]
    [FONT=&quot]David Morris MP[/FONT]
    [FONT=&quot]Morecambe and Lunesdale[/FONT]
    [FONT=&quot]House of Commons[/FONT]
    [FONT=&quot]London[/FONT]
    [FONT=&quot]SW1A 0AA[/FONT]

    So thats another MP on board.
  • I emailed my mp yesterday afternoon and within a couple of hours had this reply

    "Thank you for contacting me about financial education for young people.

    I believe that it is now more important than ever that we bring up a generation of financially literate young people, who are able to deal with the financial challenges they will face as adults, whether it’s choosing financial products or planning for a secure financial future.

    Financial education is currently part of the personal, social, health and economic education syllabus for key stages 1 to 4 and it is the responsibility of teachers, not Government, to decide how best to teach financial capability. Although I recognise that the delivery of this component has proved difficult for schools to implement. Therefore the Government plans to ensure that teachers will have the skills they need to teach finance effectively, and not just in isolated financial literacy lessons.

    Beyond school, better financial education will enable individuals to have greater personal responsibility for their finances. As a step in the right direction the Government has tasked the Consumer Financial Education Body (CFEB) to deliver a free financial advice service to launch later this year.

    In light of recent economic uncertainty it is imperative that the next generation are more financially aware. I believe the All-Party Parliamentary Group (APPG) will help achieve this by applying informed pressure on decision makers in Government. Therefore I have already joined the APPG for Financial Education for Young People.

    Thanks, once again, for taking the time to e-mail me.

    With best wishes,

    Chris

    Chris Kelly MP
    Member of Parliament for Dudley South (Conservative)
    + House of Commons, London SW1A 0AA"
  • Dear Darren,
    Thank you for contacting Louise about financial education for young people. Louise has read your email with concern and asked me to respond on her behalf.
    Louise believes that it is now more important than ever that we bring up a generation of financially literate young people, who are able to deal with the financial challenges they will face as adults, whether it’s choosing financial products or planning for a secure financial future.
    Financial education is currently part of the personal, social, health and economic education syllabus for key stages 1 to 4 and it is the responsibility of teachers, not Government, to decide how best to teach financial capability. Although I recognise that the delivery of this component has proved difficult for schools to implement. Therefore the Government plans to ensure that teachers will have the skills they need to teach finance effectively, and not just in isolated financial literacy lessons.Beyond school, better financial education will enable individuals to have greater personal responsibility for their finances. As a step in the right direction the Government has tasked the Consumer Financial Education Body (CFEB) to deliver a free financial advice service to launch later this year.
    In light of recent economic uncertainty it is imperative that the next generation is more financially aware. Louise believes the All-Party Parliamentary Group (APPG) will help achieve this by applying informed pressure on decision makers in Government. Therefore, Louise will be joining the APPG for Financial Education for Young People.
    I do hope that this information is useful to you. Thank you again for taking the time to contact Louise about this issue.With Best Regards,
  • Would it not be worth lobbying Assembly Members in the National Assembly for Wales since they're up for re-election in May and control education within Wales?
  • I sent an email to our MP John Leech (Manchester, Withington) a full week ago, but disappointingly no response yet.

    Here's what I said...

    Dear Mr Leech,
    As your constituent, I'm writing to ask that you join the 'All-Party Parliamentary Group for Financial Education for Young People', launching on 31 Jan 2011. I think that this is a very important topic, especially in our area, where there are many students and young people. I also think that it would help all those who are worried about no longer being entitled to EMA & help our economy in the future. I strongly believe that young people need to learn about money before they leave home, or turn 18 and are suddenly able to apply for credit cards.
    ...and then the bits that MSE recommended to say.

    I'm really disappointed in the lack of response :(
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  • flimsier
    flimsier Posts: 799
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    Before I start, I should say I think this is a good idea in principle. And well motivated.

    But, I think you've got to be quite careful. Schools (mine included) are already struggling with the curriculum based on a few announcements from cabinet members. Do we force students to take a language? Double Science? What about the 'triple Sciences'? And what counts as a humanities based subject? What about Citizenship (where we do cover money management in my school)? And then there are subjects people could argue have more worth - Philosophy, Learn to Learn (developing independent enquiry) and the whole RSA opening Minds Approach.

    So I think whoever is running this campaign (Martin?) should get into schools, see what they are doing, and be much more specific about what they are suggesting that all students do. I'm not saying debt education is good enough; I'm saying that there are millions of students and your campaign could tar all schools with, for example having to deliver x hours of functional skills in money management per week (and being able to prove they do). What is the best way of doing this? How do they prove it? What should the actual content be? Who should teach it?

    I happen to know that Cabinet announcements are causing civil servants (those that then have to get schools to comply) undue stress with insufficient planning, insufficient ideas of timescale, and so on. This campaign may cause another such announcement and equal such headaches, and I think it needs to be better considered.

    Why not pilot it in a willing school first? Or get a Local Authority involved? What about a TV company in the kind of way that Gareth Malone has with music and stuff to do with boys' education?

    This is my instant reaction, as a Deputy Headteacher who is frustrated by too many government edicts in the 13 years I have been teaching.
    Can we just take it as read I didn't mean to offend you?
  • flimsier
    flimsier Posts: 799
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    Oops, now I've read the other article, I've realised some of what I said has been addressed.
    Can we just take it as read I didn't mean to offend you?
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