The ability to manage your finances well is crucial to a happy life. This is true for all young people, but of course is particularly true of the most vulnerable. I spoke in my maiden speech about my commitment to the most vulnerable within society and I stand by this commitment.
The Money Advice Service (MAS), set up in 2010, plays a key role in meeting this need, with a mission to promote public awareness and understanding of financial services and improve people's ability to manage their financial affairs. In particular, the MAS will be the anchor organisation for the new Strategy, and will fund a secretariat to co-ordinate implementation. This will include a Financial Capability Board, consisting of influential senior figures, acting as champions across the sector.
As you may be aware, the Strategy is being finalised this summer. This is an area that Ministers, MAS and the sector at large have been developing in recent years and I am hopeful that we will continue to see progress in the coming months and years.
Of course, financial education while at school is key too, which is why the reformed curriculum includes financial education. In citizenship education, pupils will be taught the functions and uses of money, the importance of personal budgeting, and financial risk. This will include learning about income and expenditure, credit and debt, insurance, savings and pensions, and financial products and services. Schools may combine these with other aspects of the curriculum in mathematics or PSHE (personal, social, health and economic education). The new mathematics programmes of study cover the knowledge and skills to help prepare young people for making sound financial decisions on matters such as mortgages and loans. I think this is really important, and have leant my support to the APPG on Financial Education.