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Young people leaving school need to be equipped with the "skills and confidence" to manage their money well, the exchequer secretary to the Treasury has said.
Speaking at the all-party parliamentary group for debt and personal finance, Sarah McCarthy-Fry explained that the government was committed to financial education that helped young people cope with a "complex financial world".
The economic downturn means that financial education is "vital", and young people need monetary guidance "now more than ever", she said.
Educating young people about money should be a long term strategy, McCarthy-Fry claimed, because "we will see the benefit" when they grow older and have their own children.
"We need to be equipping future generations," the minister added.
McCarthy-Fry also noted that schools need to be at the forefront of financial education.
So far £11.5m had been spent on improving the ability to teach money matters, she said.
"It is important to start financial education in schools," McCarthy-Fry argued.
McCarthy-Fry also praised the work of the Citizens Advice Bureau in offering financial advice services to young people.
This allowed young people to "talk to someone you can relate to, someone you can trust", she explained.
The money guidance programme, partnered by the Treasury and the Financial Services Authority, is currently running as a pilot in the North West and North East.
And it should be rolled out on a national scale in the spring, McCarthy-Fry told the APPG.
Dods Parliamentary Communications Ltd
Luc Benyon
17th Jul 2009 at 7:59 am