Car insurance news
School children to be taught about car insurance
Schools have been told that they can teach personal finance to 14-16 year-olds as part of the curriculum from September 2006. The course means that teenagers will learn about important issues such as car insurance, currencies and loans.
Although not part of the official range of GCSE courses, pupils can still be examined on the subject and receive a certificate approved by the Qualifications and Curriculum Authority. The proposed exams will ask questions about bank accounts, ATMs, payslips and car insurance, and are being hailed as an important area of knowledge for today’s young adults.
Consumer debt in 2005 topped £1 trillion and government authorities have warned that financial literacy is at a crisis point in the United Kingdom. Teaching youngsters about the importance of understanding everyday monetary responsibilities such as car insurance and direct debits is hoped to make future generations far more financially conscientious.
Car insurance is often one of the first big payouts that teenagers have to make and so giving them a better understanding about the different types of policies that are available can only be beneficial.
An Institute of Financial Services spokesperson commented, “We believe these skills are so fundamental that we are also planning to offer these courses to a wider adult community.”