Financial education is something I would love to see implemented in all schools across England because there are so many people that are so financially illiterate that it beggars belief. Many people, including myself, learned the hard way that credit cards and overdrafts were not requirements for living but luxuries and fail safes to be used on occasion. Ask anyone what APR actually means and it’s probably only a financial advisor that could give you an accurate definition. How many people are aware that if you withdraw cash on your credit card you are charged a higher rate of interest? Or that buying a new car is a depreciating liability rather than an asset?
Credit cards, mortgages, stocks and shares ISA’s, buy now pay later, car loans, pensions; all of these have their place (the jury is still out on pay day loans!) but no one gets taught how to use them effectively, so lets make it compulsory teaching for all teenagers.