AA welcomes financial education

AA Financial Services has welcomed the formation of the all-party political group – Financial Education for Young People.

Mark Huggins, director of AA Financial Services, said that more than 140 MPs are backing the scheme, which aims to help young people manage their money and deal with complex financial products such as savings accounts, credit cards and mortgage rates.

He added: "Too many people get into financial difficulties because they don't know how to handle their money properly and if it were part of the national curriculum I'm certain that future generations will be much less likely to make the mistakes their parents might have made."

The Personal Finance Education Group, which is already helping to educate young people about personal finance, is backing the long-awaited initiative.

Recent research by AA Financial Services showed many of those aged 18-22 have little grasp of common personal financial terms such as annual equivalent rate AER and ISA, which some respondents believed was a unit of metric measurement.
 

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2011-02-01 13:30:25 © Moneyextra.com