Poor financial education "costs UK £3.4billion a year"

New research into the cost of poor standards of financial education in schools estimates that the UK could save £3.4 billion a year if all children were taught how to manage money.

The research looked at the cost to the country of the mis-selling of financial products, poor retirement planning, personal debt and unemployment.  The report has been launched twelve months after a high-profile campaign by Martin Lewis of MoneySavingExpert.com resulted in a parliamentary debate on the subject.

The Centre for Economic and Business Research (Cebr), which carried out the research for MoneySavingExpert.com, did not investigate areas such as scams and fraud, or the health-related effects of, for example, child poverty and mental health issues.  As a result, the authors believe the figure of £3.4billion a year is a conservative estimate.

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