Financial education provides pensions, mortgages 'understanding'

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Financial education in schools is "essential" if youngsters are to gain basic knowledge of financial products such as mortgages and pensions, a UK charity has said.

Alistair Matthews, director of policy at the Personal Finance Education Group, says that such knowledge is important in preparation for adult life - as it can create a "foundation of understanding on which they can build".

"We wouldn't be suggesting that schools spend a lot of time teaching about the details of present mortgages or present pensions - that's far too complex. It's [ensuring] that youngsters understand what a mortgage is and what a pension is, and what sorts of things adults need to be thinking about them," Mr Matthews said.

"Difficult as it is to get people interested in [them] when they're young, pensions are never too early to start - young people have got to be thinking about it all the time.

"[Personal finance education is] basically providing them with a foundation of understanding on which they can build as they start to become financially responsible," he added.

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