Young ‘should be taught about debt’

YOUTH unemployment in York is a “stark reminder” of the importance of teaching personal finance in schools, according to a national charity.

With the Department of Work and pensions revealing that 2,730 young people aged 16-to-24 in the York area claimed Jobseeker’s Allowance in October, the Personal Finance Education Group (PFEG) said financial education could help young people not fall into debt.

PFEG chief executive Tracey Bleakley said: “Too many young people in York are still struggling to find work – and the truth is that in many cases we are making their problems worse by allowing them to leave school without the skills they need to manage their money well.

“Budgeting what money you have, understanding how benefits work and avoiding falling into unmanageable debt are just some of the financial skills that are absolutely essential when searching for your first job. This is especially important with the forthcoming changes to the benefit system and introduction of Universal Credit.

“Financial education makes a real difference to young people’s lives. We need to give every young person the skills they need to survive and thrive in our economy – and our free resources and support can help teachers in York make this a reality for their pupils.”

More information on support available to teachers and schools in York is available from www.pfeg.org

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