NMBA launches financial education programme for teenagers

 The programme will be delivered by financial advisers who have contacts at local schools, colleges and youth groups.

The launch follows research undertaken by NMBA last year that found the vast majority (97%) of advisers would be interested in becoming involved in financial education in schools. Nearly 200 advisers have registered to take part so far.

The programme, which is sponsored by BMO Global Asset Management, Brand Financial Training, M&G, Vanguard and Zurich, provides resources for education, such as ways to make contact with schools and key information for use when presenting.

It also includes the Young Person's Guide to Money - a publication designed to give young people a basic understanding of financial fundamentals and so prepare them for the financial decision-making they will face throughout their lives. 

The guide covers a range of areas, including earnings, taxation, savings, budgeting and borrowing, and includes a glossary of financial terms.

NMBA managing director Tom Hegarty (pictured) said: "One only has to look at the amount of debt and insufficient protection and savings provisions in the UK to understand the long-term issues that a lack of financial competency can cause, both to individuals and the economy as a whole."

Despite the inclusion of financial capability in the National Curriculum, Hegarty argued, schools continued to experience difficulty allocating time and space in the curriculum to deliver financial education.

He added: "Advisers are perfectly placed to pick up the mantle of delivering this education, given their unique understanding which couples not only the technical aspects of financial advice, but also how to consider one's circumstances 

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