Lancashire business Red Star Education was extremely thrilled to have been invited to the House of Commons by Ms Suella Fernandes MP, to discuss the current state of financial education across schools in England.
As Chair of the All Party Parliamentary Group on Financial Education for Young People, Ms Fernandes is a passionate advocate of financial education being included in the national curriculum at both primary and secondary schools.
Understanding how to manage money well remains a key life skill that is required for all aspects of adult life. It allows individuals to make informed financial decisions on a day-to-day basis, from buying products at the supermarket to choosing a new electricity provider, selecting a mortgage or saving for their future.
Ms Fernandes commented, “Preparing young people for the financial challenges they will face through life is critical. Primary school children are already forming habits relating to money, therefore encouraging positive attitudes towards budgeting and saving from an early age will allow them to make the right financial choices later in life.”
She continued, “We were very excited to learn that Red Star Education were already delivering comprehensive educational programmes to youngsters on complex financial management issues using simple, inspiring and informative methods. This is exactly what we need to help equip young people with the skills, knowledge and confidence in money matters to allow them to navigate these life decisions.”
Red Star Education was established by financial entrepreneur Kristen Durose to deliver training programmes to improve financial literacy levels across the country and reduce the personal debt people suffer due to a lack of knowledge and understanding of personal finance.
For the past 2 years, Red Star Education has been working closely with the Premier League under their player care package scheme to deliver financial training programmes to young football players. They have recently completed a pilot scheme with a number of Premier League clubs, specifically educating the clubs’ youth academies.
Kristen Durose, Director at Red Star Education commented, “The landscape we live in has changed dramatically over the last decade with youngsters frequently purchasing everything from household goods to electronic items at the press of a button and rarely handling cash, yet 70% of students leave formal education without ever having received a structured lesson on personal finance.”
Nick Cunliffe, Director at Red Star Education said, “We need to engage with youngsters so they understand and appreciate the importance of financial planning, and the detrimental effect of getting into debt. Personal debt levels in the UK have now surpassed 1.5 trillion Pounds, while average UK household debt is now £55,683. By improving financial literacy from a young age we would help reduce this debt and improve an individual’s finances. It’s was a real honour to have the opportunity to discus this with Ms Fernandes and be part of delivering such a critical training programme to youngsters in the UK.”
Red Star Education will be retaining contact with Ms Fernandes and her team, and will dovetail their activities with any government policies and financial training schemes.