Britannia is top of the class

Britannia Building Society has launched a financial education programme which will be delivered by its staff to school pupils.

Britain's second largest mutual has completed the pilot for its Financial Education in Schools programme and it is now being rolled out to schools across Staffordshire, Derbyshire and Cheshire.

The programme, which supports the FSA's national strategy for financial capability, will also be extended across the country as part of Britannia's commitment to financial education.

One of the scheme's unique factors is that it will be delivered by 86 trained volunteers from within Britannia in a fun and informative way.

The programme consists of 30 minute workshops and activities, designed for 14 - 16-year-olds, which will cover topics such as:

Financial jargon
Opening an account
Banks, Building Societies and interest
Budgeting
Planning for bigger purchases
Credit

Neville Richardson, Britannia's Chief Executive, said: "Financial literacy is the key to financial inclusion. Ensuring school leavers have a basic understanding of how savings, mortgages, insurance and pensions work, will help them plan for their needs. As a mutual, Britannia always acts in the interests of its members and our involvement in financial education is an important way of helping our future savers and borrowers.

"While financial services companies must ensure transparency of product terms and conditions and regulators must ensure a level playing field, active, informed consumers are the best way to ensure a fair market. At the moment, financial education remains optional. It should form a compulsory part of the national curriculum and Britannia would be delighted to work with the Government, the Financial Services Authority and others to make this happen."

Claire Irons, programme coordinator, added: "A survey published by the FSA revealed more than 40 per cent of 18 - 20-year-olds were unable to answer a question about interest rates, compared to just 14 per cent of people aged 50 and above.

"With statistics like this in mind, it is extremely important that young adults are taught the benefits of looking after their own financial affairs as soon as possible."

Any schools wishing to find out more about the programme should contact Claire Irons on 01538 393076 or email claire.irons@britannia.co.uk