Pupils to be taught about loans as well as Shakespeare

Fri, 16 Mar 2007

Pupils will soon be taught about personal loans and mortgages as well as William Shakespeare and George Orwell in a bid to improve their financial literacy, it has been revealed.

Under a scheme set up by financial services provider Britannia Building Society, 86 volunteers from across its banking divisions will turn up at schools in Derbyshire, Cheshire and Staffordshire to provide 30-minute financing workshops for 14 to 16 year olds.

And among the financing topics set to be discussed are sticking to budgets, opening banking accounts and arranging credit through personal loans.

Neville Richardson, chief executive at the financial services provider, explained why he believed the initiative was a step in the right direction.

"Financial literacy is the key to financial inclusion," he said.

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

Earlier this week, the government reaffirmed its commitment towards promoting financial inclusion among people from less affluent backgrounds.

Ed Balls, economic secretary to the Treasury, confirmed the government would continue financing the Financial Inclusion Fund until at least 2011.

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