MP to raise issue of financial education in Parliament
Conservative MP Andrew Bridgen has reiterated his belief that young people must be educated on the importance of understanding their finances, and has pledged to raise the issue of financial education in Parliament.
Speaking exclusively to VouchedFor, Mr Bridgen, MP for North West Leicestershire, said: “It is essential that young people learn how to be sensible with their money. It is important they learn about budgeting and how to protect their finances.
“In the last parliament I was a member of the All-Party Parliamentary Group for Financial Education for Young People, and every member was in agreement that children and young adults should be encouraged to learn the long-term benefits of making the most of their money.
“I very much welcome moves to provide financial education in schools. I feel that with the complex financial marketplace, students should be given the tools to make the right choices so they will avoid getting into unmanageable debt.
“I will be raising the matter of financial advice and financial education amongst all age groups in a Parliamentary question to see what more can be done to give everyone the tools to deal with their money.”
Mr Bridgen, currently Chair of the Regulatory Reform Select Committee, also admitted that he ‘fully supports’ the idea of encouraging people to save from an early age to ensure they can plan and prepare effectively for when they eventually reach retirement age, and believes government schemes, such as the recently introduced Help to Buy ISA, will encourage young adults to get into the habit of saving their money.
“I welcome the Help to Buy ISA, as it supports people saving up for their first home,” he said. “The scheme provides them with a maximum government bonus of £3,000 on £12,000 of savings, and that 25% boost acts as a real incentive to save.”
Not only is Mr Bridgen outspoken about the need for more young people to become financially aware, but he is also an ardent supporter of pension auto enrolment in the workplace, which makes it compulsory for employers to automatically place their eligible workers into a pension scheme.
He said: “I believe that we must ensure a decent level of security for all in retirement. Before workplace pension auto enrolment, up to ten million people were not saving enough to support themselves into retirement, and it was not right to allow this situation to continue.
“I am encouraged that now five million people are enrolled in a pension scheme through auto enrolment. Saving is becoming normal again.”