Personal finance should be included as a standalone subject in UK schools, Nigel Green, founder and CEO of deVere Group, said.
The Archbishop Justin Welby said recently: “Research has shown that habits and attitudes to money are already being formed at the age of seven. We would like to see financial education receive parity with sex and relationships education.”
Mr Green said: “I fully support the view that we need greater and more robust personal finance education in schools.
“Currently, financial education is not a standalone subject, but is instead included within other subjects, such as mathematics.
“It’s a step in the right direction, does not go nearly far enough. It should be a defined subject, alongside more traditional subjects such as English and science.”
He added: “Financial literacy is a fundamental life skill for successfully participating in modern society, yet it is consistently overlooked or not given the credence it deserves.
“Low levels of financial literacy can have a far-reaching impact on individuals, their families and wider society. Indeed, it was one of the factors that many experts believe help exacerbate the global financial crisis that began in 2008. It is also often connected to greater reliance on state support, and lower standards of living.”
The topic of finance education arose when planners talked to Financial Planning Today magazine for the latest issue, out last month. Several planners put improved money management tutoring at school on their wishlists for this year.
Financial Planner John Sloan from Navigator Financial Planning in Northern Ireland called for increased awareness and education for the general population about the benefits of Financial Planning – at all stages of life.
He said: “This needs to begin in schools. It is just as important in my opinion to be able to understand and respect the value and management of money as it is to understand mathematics and command of the English language.”
Gretchen Betts, a Certified Financial Planner and Chartered Wealth Manager, who heads up Magenta Financial Planning in Wales, wants “better financial education taught in schools and university”.
She said: “I think there should be a core part of general studies dedicated to it and then units in every degree course no matter what you are studying. I know I needed it and didn’t get it.”