Katja Oakley-Bell, personal finance expert at Quilter said teaching money skills from an early age is key and making it compulsory would ensure all children get the same start.
She said: “It’s well known that learning gets harder as we get older and with this in mind, we need to teach important life skills to children at an early age, and that includes money skills.
“With the cost-of-living crisis still impacting people’s day-to-day lives and inflation eroding people’s money, financial skills are more important than ever. And they are even more important as we transition to a cashless society where just a tap of your card or phone can fast deplete your wages.
“Teaching financial education in primary school might seem a little extreme, but research has shown that children as young as age seven to eleven can learn good money behaviours and gain skills like budgeting and deferred gratification."
The committee has launched a call for evidence and is accepting submissions until December 15.
MPs want to hear from a range of sources, but particularly teachers, pupils, and school administrators.
It wants views on a range of topics, including what young people should be taught about money, where financial education should sit within the secondary school curriculum and whether it should be extended to primary aged children.
tara.o'connor@ft.com
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