The Chartered Institute for Securities and Investment (CISI) said yesterday that it supported a private member’s bill introduced by Thomas Docherty MP to include financial literacy in the national curriculum.
A study in July found that 84 per cent of young people aged 18-25 hadn’t received any formal financial education. But it would be interesting to find out how formal financial education affects decision-making: if young people understand basic financial concepts, from inflation and interest rates, to stocks and shares, or how banks operate, will they be less likely to take out payday loans, max out their credit cards or take out unaffordable mortgages?
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