Yahoo Finance New savings app Yomo launches campaign to have debt and finance taught in UK primary schools
Financial education should be made compulsory in primary schools, the head of a new savings and investments app has said.
The newly launched Yomo app helps people manage their money and avoid the financial pitfalls in debt-ridden Britain.
In a bid to end the nation’s spiralling debt culture, those behind the app have started an online petition to ensure finance is taught in all UK primary schools.
Yomo chief executive and co-founder Gavin Shields, from Banbridge, Co Down, in Northern Ireland, warned that children are finishing school with little or no understanding of how to look after their money.
Previous research from the Money Advice Service shows that financial habits are formed by the age of seven.
However, there are no demands on primary schools to teach children about what to do with their money.
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Mr Shields said future generations must learn how to manager their finances, be aware of the dangers associated with unsecured loans and know the importance of saving for their future.
“We want to protect our future generations from potential poverty created by poor financial decisions and provide them with a foundation of financial knowledge,” he said.
“The government needs to intervene to help tackle this destructive debt crisis, responsible for crippling some of the most vulnerable consumers in Britain.
“Primary school pupils should receive compulsory Financial Education lessons to promote positive attitudes towards saving, encouraging a financially secure future.
“But we need your help to make a change. If you agree that our children are overexposed to debt and lack sufficient survival skills to cope financially in their adult lives, please join us in signing the petition.
“Our aim is to drive as much support as possible so we can deliver the petition to Parliament.”
Mr Shields said a recent study by the Gambling Commission which found that 450,000 children in the UK gamble weekly showed that young people aren’t getting the financial education they need.
Meanwhile, the Money Advice Service says that 8.3 million people in the UK are currently living with problem debts.
Bank of England figures show that unsecured consumer credit jumped 4.9% in 2017, and now stands at just over £200 billion.
The Yomo app aims to educate and empower young adults to take control of their finances to create not only security but wealth for their future.
The app has a strong rewards system and offers users the know-how to move from saving to investing. Como has gathered more than 5,000 active UK users since launching last month.
“Flat wages, rampant debt-driven consumerism and out-of-reach house prices make financial freedom a distant dream for most of us,” said Mr Shields.
“But it doesn’t have to be this way. By making personal finance fun and rewarding, we can show users that debt isn’t their only option.’
The Yomo app is free and available for iOS on the Apple App Store.
Click here to sign the petition to help “Make Financial Education Compulsory in all UK Primary Level Schools”.
