Despite financial literacy becoming a compulsory part of England’s secondary-school curriculum, it’s clear more could be done to help students safeguard themselves against fraud.
Lessons learned in the classroom now could pave the way for a lifetime’s good practice, say experts.
As it stands only around half of secondary schools are obliged to follow the national curriculum – fee-paying independents, the growing number of academies and free schools are all exempt.
Financial education and fraud education is even rarer in primary schools.
But with risk of fraud becoming ever-more prevalent, illegal money-lending, insurance and payment scams on the rise, now is the time to get the issue at the front of students’ minds.
University of Cambridge research commissioned by the Money Advice Service suggests that by the age of seven many children have already developed their attitudes and values towards money, and these are likely to stay with them for life.
Other research shows that children are likely to get their first mobile phone by the age of eight and begin online shopping by the age of 10.
At our recent live Twitter debate #FraudChatUK, there were numerous calls for more fraud awareness to be delivered to young people – and as soon as possible.
As ever the debate was over who should pay for it and who should deliver it.
But the overwhelming majority were in favour of the fintech sector as a whole overseeing it – as our online poll showed.
— Tony Nesterov (@nesteroaa) November 20, 2015
We’ve already got ball moving by joining forces with the England Illegal Money Lending Team, to help young people get better equipped and even more money-savvy.