During a Backbench Business Debate in the House of Commons on Thursday, Peter called for urgent improvements to financial education in schools across the UK. The MP for Mid Leicestershire emphasised that while the education system prepares students for "the Game of Life," it fails to teach them the essential rules for managing their finances.
Peter acknowledged that successive governments have not prioritised financial education for young people but argued that now is the time to make it a central focus of the curriculum. Citing a worrying statistic that "one in two Brits are unable to pass a financial literacy test run by the OECD," Peter pointed out that the UK lags behind other Western nations in this crucial area.
The MP expressed concern over the impact of technological advancements, noting that young people are increasingly exposed to high-value purchases and the lure of "buy now, pay later" schemes without fully understanding the long-term financial consequences.
Peter's call for action was supported by Conservative MP Jerome Mayhew, who brought the debate forward. Peter questioned, "Is it any wonder that 96% of young people worry about money daily?"
The MP urged the Education Minister to ensure that financial education remains part of the National Curriculum, even after the upcoming government review. He also called for enhanced support and resources for teachers to improve the quality of financial lessons and proposed a comprehensive financial education program for post-16 students in apprenticeships and vocational training.
Concluding his speech, Peter stressed that the Government must act now to prevent the next generation from falling into financial ruin due to a lack of financial understanding. "We cannot afford to let them walk into a world they are unprepared for," he said.
