Michael Mercieca responds to the MAS review by Christine Farnish
Young Enterprise highlights the importance of financial education in schools, as raised by the Independent Review on the Money Advice Service (MAS) by Christine Farnish
Today, an independent review, led by Christine Farnish, into the Money Advice Service (MAS) has been published. The review was commissioned by the Treasury in March 2014. Farnish, formerly chief executive of the National Association of Pensions Funds and consumer director at the FSA, was chosen to lead the work.
Young Enterprise, home to pfeg, welcomes the importance that the Christine Farnish review places on financial education in schools. We believe that an essential life skill for children and young people is a clear understanding of how to mange their money. MAS, in its strategic overview of the sector, must act as a crucial high level advocate in support of financial education in schools.
The review rightly highlights the importance of a web-based schools portal that is accessible to all, which we already offer via our pfeg website (www.pfeg.org). The pfeg website provides a range of advice and resources to anyone teaching children or young people about money.
Quality assurance for financial education is a key area discussed by the report – it provides confidence to parents and teachers that initiatives are unbiased and of high quality. The Quality Mark run by pfeg is the UK’s only widely-recognised accreditation system for financial education resources, supporting high quality teaching and learning about money. Our Quality Mark provides the many teachers delivering financial education with the confidence that the materials they are using contain accurate and up-to-date information, are of the highest educational value, and are engaging and relevant for young people.