Financial education

That this House is concerned that research undertaken by Compare the Market and MyBnk shows that only 2 in 5 young adults are financially literate in the UK; recognises that the same research showed that 70% of young adults support the regular provision of financial education lessons for students at school; further recognises that people who are unemployed or from lower-income backgrounds are more likely to have lower financial literacy; believes that increased financial literacy would ensure people gain the skills they need to manage money in a cost-effective way, which is especially pertinent during the current cost-of-living crisis; and urges the Government to work with schools to guarantee 30 hours a year of financial education lessons for every 11 to 18 year old, irrespective of which education pathway they are on.