INSTITUTE OF FINANCIAL SERVICES

That this House notes with concern that the total debt of British families is larger than the UK's gross domestic product; further notes that 50 per cent. of the population does not seem to understand what 50 per cent. means, and that 79 per cent. of consumers do not known what an APR is; further notes that little substantive progress has been achieved to address this problem; believes that financial capability is an essential life skill along with numeracy, literacy and IT; recognises the outstanding work of the Institute of Financial Services in developing qualifications in financial capability across the 14 to 19 years age range in 1,000 schools; and calls on the Government to build on that experience by investigating the provision of a financial capability programme in all schools, colleges and adult education institutions and by training suitable teachers to deliver the programme.