Onus shifts to financial education

When asked about financial education in schools, specifically if it should be part of the curriculum, Brown replied: “Yes absolutely. And I would favour more education in financial management and in financial budgeting generally at school. I'd like to see financial literacy…extended particularly through schools and colleges and their education programme.”

The ifs School of Finance has welcomed this, with its director of external affairs, Anne Kiem, saying she hoped it signalled a change in policy.

"The ifs School of Finance has long argued that financial education should be added to the core school curriculum, putting personal finance on an equal footing with other subjects such as Geography, History and Modern Foreign languages i.e. compulsory for schools to offer it but not compulsory for all students to take it.