Press Release
81% of 16-19 year olds worry about money
25 June 2012
The fourth annual My Money Week launches this week following the release of some worrying research by YouGov on behalf of pfeg (the Personal Finance Education Group).
A survey of a group of 16 – 19 year olds found that 81 per cent of them worry about money. The research also discovered that 96 per cent of young people who have a credit card have never compared cards to check they are getting the best deal, with only 2 per cent knowing what the APR is on the card.
To mark the start of the week pfeg are launching My Money Shaker - an app aimed at post-16 students, a group who will be facing with many important financial decisions over the coming months and years.
The app, which is the first of its kind aimed at young people, allows the user to find out more about financial matters on the go. In addition pfeg have created a website full of helpful information about money management alongside teacher guidance for use in the classroom.
My Money Week, which is running from 25 June 2012, aims to support teachers in educating young people effectively about money. pfeg have created a raft of relevant and engaging resources and are providing telephone and face to face support to teachers across England.
Schools are getting involved in a variety of ways. Some are celebrating the culmination of a years’ worth of work, some are kick starting their personal finance education programmes. As in previous years, thousands of pupils, parents and teachers will be involved in lessons, activities, competitions, discussion and debate, all about money.
Activities include a ‘world of work’ event at Granta Special School in Cambridgeshire, a pupil voice event which will inform the teaching of financial education at Tennyson Primary School in Luton, a parents workshop at Guru Nanak Primary School in Hayes and lots of whole school activities, off timetable days, and lessons about money taking place up and down the country.
Tracey Bleakley, chief executive of pfeg said ‘My Money Week is a fantastic opportunity for schools to get involved in teaching their students about money in a fun and engaging way. The week has proven to be very popular with students and teachers alike. It is more important than ever that our young people have access to quality financial education to ensure they have the skills and knowledge they will need to become a responsible consumer.’
More information can be accessed at www.pfeg.org/mymoneyweek
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