Young people lack the financial education to equip them for entrepreneurship. Almost one in five young people (19%) in the UK say that better financial education at school and college would help them to set up or grow a business, according to data from the Federation of Small Businesses (FSB) released to mark National Numeracy Day (21 May).
FSB says that the government must now make financial education a compulsory part of the national curriculum in England.
Almost a quarter (24%) of young people in the UK struggle with financial knowledge when it comes to starting and running a business, while one in ten (10%) say they struggle with maths, according to FSB’s Generation Entrepreneur research, with Simply Business.
FSB is calling for all secondary schools, and primary schools at Key Stage 2, in England, to give effective financial education to equip young people with the skills needed to start their own business.
Tina McKenzie, Policy Chair at the Federation of Small Businesses, said:
“Our education system needs to prepare the next generation with the good financial skills needed for entrepreneurship. The Department for Education must now make it compulsory for schools to provide financial education and give teachers access to the right training and resources to support its delivery.
“Entrepreneurs need the right tools so they can confidently interpret bills and taxes, apply for external finance, or fill out a self-assessment, as well as managing their own personal finances alongside the business. Bringing in financial skills and knowledge as early as possible will put children and young people on the right path, giving them confidence and skills that are vital for business and entrepreneurship.”
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