More than 200,000 people in Britain are expected to take up the financial education challenge this year, but the new financial literacy campaign aims to make the transition easier for people who struggle to understand the benefits of using the financial system.
The campaign’s first theme is ‘money doesn’t matter’ and it aims to give people a sense of financial responsibility, so they can understand the costs of the system.
“The financial literacy challenge is not just about the financial, it’s about how you can make a difference in people’s lives and how you’re going to make a real difference in the lives of people who are struggling with financial issues,” said Sue Baker, director of financial education at the charity Financial Literacy.
“We know that it’s important for young people to have the tools and resources they need to make their financial decisions and to build financial resilience, so this campaign is a great way to help young people make this transition.”‘
It is easy to forget that the world is a complicated place’The financial education campaign aims not just to give young people a personal story, but to show how a complex financial system can make it difficult for them to make good decisions.
“It is so easy to lose track of the things that are happening around you, how your finances are set up, what is the best way to use your money, and what’s going on in your relationships,” Ms Baker said.
“There is no reason why a child should not learn about these things, and it’s even more important for adults to learn about it too.”
Money is one of the most complex parts of our lives, and we need to have that understanding in order to make sensible decisions and save money.
“Financial literacy campaigners say it is a critical element of young people’s ability to understand and navigate their own finances, and to take responsibility for their finances.”
Financial literacy has been around for a long time and we think it’s incredibly important for people to know how the financial world works and to understand that they are responsible for their own financial wellbeing,” Ms Smith said.