PFS to help youngsters get more financially savvy

Young people are to receive further assistance with financial awareness, with experts from the Personal Finance Society set to help them with money matters.

The PFS is teaming up with pfeg (Personal Finance Education Group) in a partnering scheme that will work with schools to bring financial skills into the classroom. Past research has shown that 800,000 school leavers believe an ISA is an iPod accessory.

Activities already include 'Deal or no deal' sessions, helping pupils learn about choosing a mobile phone contract, and a ‘Stock Market Challenge' day where pupils become investors in a role play simulation of the stock market.

Paul Lothian, Chartered Financial Planner and President of the PFS commented: "It is essential that we are able to give our next generation the understanding, skills and confidence to make everyday financial decisions. As a profession, financial advisers are perfectly placed to help. The PFS has a rich seam of highly experienced and talented professionals that are keen to engage and inspire young people by making finance interesting and relevant to their lives."

Wendy van den Hende, Chief Executive of pfeg commented: "We are delighted to have the backing of the Personal Finance Society. There is a wealth of expertise amongst its 25,000 members and this will represent a significant boost to the Use Your Expertise initiative. With 90% of teenagers worrying about money on a daily basis, improving their financial capability will give them the fundamental skills and knowledge in financial matters to participate fully in society."

The new partnership presents an exciting opportunity for PFS members to get involved by volunteering to take part in activities that give pupils insight into the financial world, enabling them to develop personal finance and enterprise skills. Volunteers will participate in a one day training and development course, after which they will be partnered with local schools.