Money management in east London schools

Two east London colleges have started offering money management workshops to their students after MPs called for financial education to be made compulsory.

More than 200 MPs have signed a motion advocating that colleges and schools make  financial education a key element of the national curriculum.

Tower Hamlets College and Hackney Community College have both started giving their students the opportunity to attend money management workshops after class. So far, attendance has been voluntary.

Justin Tomlinson, Conservative MP and leader of Financial Education for Young People, said it was important to “equip young people for the challenging world.”

“We are bombarded with mobile phone tariffs, direct debits, standing orders and complicated deals,” he said.

A spokesperson from Tower Hamlets said: ”We all agree that financial education should play a bigger part of the education.”

At Hackney Community College, students have been working with the educational organisation My Bank, who said that they were very “impressed” by the determination of the teenagers.

A  spokesperson from Hackney Community college said: “It is important for the youngsters to learn about the management of money at this age.”

Many of UK’s banks have started putting money into financial education for young people. Some, like local mother Katia Vaylin, have expressed concern over this arrangement. She worries banks are investing in the young peoples education because they want to “manipulate the kids” into getting an account in their bank.

The government will consider the MPs suggestion to make money management schemes compulsory, but so far it is up to the individual school or college to decide if they want to teach financial management to their students.

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