Financial education programme launched for schoolchildren

School children in Derbyshire, Staffordshire and Cheshire will be given financial education lessons following a successful pilot of the scheme.

The programme from Britannia Building Society will be delivered by trained volunteers from the company and be made up of half-hour workshops aimed at those aged 14 to 16.

Included in the lessons will be an unravelling of financial jargon, information on budgeting and help with opening a savings account.

Neville Richardson, chief executive of Britannia, said: "Financial literacy is the key to financial inclusion.

"Ensuring school leavers have a basic understanding of how savings, mortgages, insurance and pensions work will help them plan for their needs."

He added that financial education should not be a voluntary part of a child's education but instead be a compulsory constituent of the national curriculum in order to result in better informed consumers.

The ifs School of Finance recently called for "bold action" from policymakers in bringing financial education to all as a means of tackling the problem of increasing numbers of insolvencies.