FINANCE
and interest, plus serious damage to your credit score) and failing to claim discounts or benefits you were entitled to (£372). Now is the time to take control. Set aside a day to get things in order. Check if you could get any state benefits or grants by visiting gov.uk/check-benefits-financial- support or turn2us.org.uk. Don’t forget you can apply to your local authority for a 25% discount on council tax if you are living alone, or the only other people in your home are exempt (eg under 18s, students, people with severe disabilities, student nurses and apprentices). Check best buys for savings on moneysavingexpert.com – these days you can open new accounts and move money around easily online. The Government’s new Curriculum and Assessment Review promises to embed financial literacy more firmly into the school curriculum, which is good news for the next generation. But if you missed out on financial education at school, it’s never too late to learn!
letter or email then you sometimes find yourself trapped for another year. What can you do? Put a date in your phone, diary or calendar a month before every major renewal, and make it a priority to double check that the price for next year is still a good deal. Particularly with car insurance, don’t check alternatives at the last minute as prices go up; instead, check three weeks ahead as this is proven to give you the best chance of a good deal. And don’t just renew out of habit – if you barely ever go to the gym, drop that expensive monthly membership to a pay-as-you-go; if you don’t read that magazine, use that book subscription or watch that channel, why not see how you get on using free alternatives? They will welcome you back enthusiastically in a few months’ time if you change your mind.
EXPERT COMMENT
The nal curriculum review is a landmark moment for nancial education in the UK. For years, we’ve known that money skills are as fundamental as reading and writing, yet the system has struggled to re ect that reality. This review nally recognises that nancial education is not a luxury but a necessity. The ndings from the Money & Pensions Service highlighted in the report are sobering. Despite nancial education being compulsory in Citizenship since 2014, only a third of children recall learning about money at school. At the same time, 71% of seven to 17-year- olds are already making online purchases, and two-thirds do so without adult supervision. These statistics underline the urgency of change; young people are making nancial decisions earlier than ever, often without the knowledge to do so con dently. Improving nancial education could help with the productivity issue plaguing the country too. The CBI estimates that greater nancial literacy could add £7bn to the UK economy and create more than 120,000 jobs every year. Through the Quilter Foundation and partnerships with organisations such as Money Ready, at Quilter we’ve long championed the importance of nancial education. We know that when young people understand money, they make better choices, feel more con dent, and build stronger futures.
ATTACK YOUR APATHY
Many of the other costly mistakes mentioned in the report could largely be explained by apathy. Having money sitting in a low or no-interest account (£342 a year potential loss); letting vouchers and loyalty points expire (£195); forgetting to pay a bill (£265 in fees
moneyready.org/update/the-cost-of-not- knowing/
Jennifer Piper, Head of the Quilter Foundation
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