Matthew Quinn MSYP: Young people need financial education

The word ’taxation’ is something they have heard family members discuss but it has not yet become and everyday reality for them to think about. I believe that this is in large part due to a lack of financial and economic education within our schools.

In my six years of high school, I was never given a lesson on the importance of saving, the necessity of paying tax or what ‘National Insurance’ actually means. This meant that when I entered the workplace for the first time I wasn’t fully prepared.

I was lucky to have family members on hand to help explain these new concepts to me but for many young people, that support simply isn’t available.

This calls into question the role of schools within a modern society. Young people should leave school with more than skills solely related to academia.

Teaching real-world financial skills is essential to growing a prosperous economy. If young people leaving school are never taught how to manage their personal finances, then it should not come as a shock when we see a lack of ambition in our society.

If the skills modern-day young people have can only take them so far, we should not be surprised when they settle for less than they are capable of. 

Twenty-seven per cent of people in Inverclyde are described as being ‘economically inactive’ according to the Office of National Statistics. This data may take into account those who are retired or on a career break, but it is safe to assume that a significant portion of this percentage is made up of young people.

Matthew Quinn MSYP (Image: George Munro)

If young people are economically inactive in the early days of their life, it is to be expected that this will continue for years to come. In Inverclyde, 3.8 per cent of young people are unemployed: this is slightly above the national average in Scotland but it is not an extreme cause for concern.

However, after reading these statistics, I have found myself questioning whether youth unemployment and economic inactivity is partly due to young people lacking confidence in the areas of everyday economics and personal finance.

If schools were to introduce mandatory financial and economic education for those leaving school, I believe we would see a rise in the number of young people entering the workplace. This would help to fill vacancies within the labour market and lower youth unemployment. If young people are given financial competence in schools, I believe we would see an increase in economic activity. 

The majority of young people I come across are ambitious, optimistic and passionate about creating the change they want to see. All young people need is a little more support in certain areas to unlock their full, economic potential.

Introducing mandatory financial and economic education within schools would allow young people to aspire towards so much more. It would give them the confidence they need to chase their dreams.