Money lessons imparted to children make them wealthier |
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Published
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Wed, 23 Aug 2006 09:30
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LONDON - Children who are taught finance lessons in school tend to earn an additional £32,000 by the time they reach 35 according to the Institute for Public Policy Research (IPPR).
The think tank surveyed some areas in US where financial study is compulsory since 1957. They found out that by the time the students had reached 35 to 49 age group, they were earning a year's worth more than their contemporaries. IPPR also found that a single person could earn £13,000 more if he were taught about debt management and understanding how mortgages work.
"It pays to get clued up. Lessons that teach young people the basics of personal finance - like how to calculate interest, household budgeting and understanding mortgages - can help them make the right financial decisions later in life and avoid debt problems", said Miranda Lewis, a senior research fellow at IPPR, "The evidence from America shows that financial education can pay real dividends, with some people being better off by up to £32,000."
Following the example, schools all over England will be receiving study materials about finances that can be used to teach students. There are also plans to make basic financial studies compulsory in maths GCSE.
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