Dec 28 2006
Young people could have their lives changed by gaining qualifications in financial education, according to a recent study.
The interim results of a three-year research project into financial capability qualifications by the University of Manchester found that 95 per cent of young people taking GCSE, AS or A level equivalent qualifications in the subject enhanced their personal financial management.
Improvements included switching bank accounts to get better rates of interest and the purchase of investment bonds or setting up of individual savings accounts.
Gavin Shreeve, chief executive of the ifs School of Finance, said: "The feedback we have from teaching staff and students across the country is that our financial capability qualifications are making a very positive difference to the way young people manage their own finances.
He added that the number of young people taking these courses had nearly tripled in the last ten months and urged government to encourage the expansion of these courses in schools and colleges in the UK.
Earlier this month, Halifax commented that it was "great" that children have been exhibiting a good attitude towards saving and acquiring a savings habit when they are younger.
