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147/99
15 September 1999
HELPING YOUNG PEOPLE TO GET THE BEST
OUT OF THEIR MONEY
"It's never too early to start learning how to look after your money
and how it can look after you - and it can be fun" is the message
from Economic Secretary Melanie Johnson to young savers.
Speaking at the launch of 'Young Money', an interactive internet
learning game designed by pupils at Great Yarmouth High School to
help young people learn about money matters, sponsored by Virgin Direct,
Miss Johnson said :
"Young people need to know how to look after their money and plan
for their futures. They, like adults, want the best deal for their
money. This can be hard, even when they shop around for something
fairly simple such as a building society savings account.
"It will be even more important when they join the world of work and
have families. Then they will need to consider more complex products
which require greater and longer term commitments. Spending and saving
wisely will help young people to have more control over their own
lives and have greater opportunities in a modern economy, an aim the
Government fully supports.
"When I was younger, this seemed a long way off, and I'm sure it's
no different for young people today. The wide choice of savings and
investment products can be intimidating. Starting early is the best
way to learn, and games make learning easier and more fun.
"David Blunkett announced last week how financial literacy will
be included in the school curriculum for the first time. This is a
great step forward in the classroom. And schemes such as Young Money
let young people learn in their own time outside the classroom to
use the internet to look for information as and when they need it.
"This exciting project will help take some of the worry out of looking
after money. It is particularly appropriate that, as financial services
are increasingly available on the internet, the savers of the future
use a website to learn how to search for the best deals on offer,
whichever provider they come from. Making learning fun as well as
profitable is the best way to get their attention.
"The Government believes that better financial education is important
for people of all ages. And so we are, for the first time, giving
a major public body - the Financial Services Authority - a statutory
responsibility for improving financial literacy across the community.
"Forward looking providers in the vanguard of product development
have done a great deal to free up the market. But this new duty for
the FSA marks significant progress towards more informed choice and
increasing consumer influence on the parts of a market which have
not always put their interests first.
"This is one of a number of schemes to help young people get started
early for their future. I am grateful to all the financial services
providers who are encouraging young people to learn how to provide
for their future. Their efforts support our commitment to greater
consumer awareness and choice. These are consumers' best safeguard,
young or old. It will also open more opportunity for providers to
develop a thriving competitive market in which products tailored to
meet informed demand become the norm."
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