Primary school children should be taught about taxation and pensions

25 May 2016

Following an inquiry in Parliament on Financial Education for Young People findings show how important it is that young people understand the role of public money – from taxation to pensions – and their role within it and should focus on real-life contexts, such as paying taxes and reading bank statements.

With financial education introduced into the English secondary national curriculum, the All Party Parliamentary Group (APPG) on Financial Education for Young People held an extensive six month inquiry into the impact and effectiveness of financial education. 

With children and young people exposed to an increasing range of financial decisions, the APPG’s report sets out a number of policy recommendations for strengthening financial education in schools.

Crucially, the APPG believe that lessons on money management should start earlier, with statutory status extended to primary level, and both current and new teachers must receive appropriate support to confidently deliver teaching in this area. It also recommends that a new money guidance body should also be set a remit to coordinate and signpost best practice in financial education for teachers.

Read the report: Financial Education in Schools: Two Years On – Job Done?

CIPP comment

The CIPP is committed to delivering education to individuals in the UK relating to payroll, pensions and financial awareness. We are also working, through the Growth and Innovation Fund (GIF) project, to create new jobs in payroll, bookkeeping and financial administration to support business growth and sustainability, as well as support the government’s plans to get people back to work. This work includes:

Educating young people

The CIPP has developed a presentation aimed at 14-24 year olds which can be delivered at schools, colleges and universities across the UK. The presentation is designed to provide young people with an understanding of what to expect when they go to work in respect of:

  • Their salary
  • Deductions from pay, including student loan deductions and when they might expect to start paying these
  • Hours worked
  • Holiday pay entitlement
  • National minimum wage
  • What they will need to provide their employer to make sure that they get paid.

To enquire about the CIPP delivering this session at your educational establishment, or even at your offices, please contact the CIPP on 0121 712 1000 or email [email protected].

To become a volunteer for this initiative and deliver this presentation in schools, colleges and universities in your local area, email [email protected].

For more information visit the CIPP website.