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20 Jan

Schoolchildren To Be Taught About Importance Of Pensions

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Government plans will see schools teach the importance of saving for a pension.

 

Better and increased amounts of information on financial planning will be brought to classrooms under new government proposals.

The plans to teach about pensions will begin with pupils aged around 13 and up, although that could be extended to younger pupils at some point in the future.

The lessons aim to teach young people about pensions in a “more inspiring” way and is backed by the Department For Work & Pensions (DWP) and the Personal Finance Education Group (PFEG). The lessons will include such topics as Automatic Enrolment, a reform which is seeing workers automatically placed in a workplace pension scheme from the age of 22.

Pensions Minister Steve Webb said of the proposals: “We are in the process of delivering some of the most radical reforms to our pensions system for decades but, if these reforms are going to succeed in building the fairer society we want, it is essential young people enter the workplace understanding them. It's understandable for young people to glaze over when you ask them to think about retirement and pensions. But when you tell a teenager that this is going to affect them from the age of 22, you get quite a different response.”

The new resources are expected to be available from September this year, even if there is still discussion around what exactly they would be made up of. Worksheets, videos and interactive online materials could all be a part of the toolkit designed to help explain the need for and the complexities of a pension.

 

Photo credit goes to Eaglebrook School 

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