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Financial education could make you richer

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Compulsory financial education could make Britons much better off by their late 40s, research from Norwich Union has found.

The report highlights research from the US that shows compulsory financial education for school children can lead to people being, on average, richer by a year’s earnings between the ages of 35-49.

The research, commissioned by Norwich Union and written by the consultancy arm of the Institute for Public Policy Research, said that translated into the UK this could mean that a couple with two children aged 5 and 11 could be better off by about £32,000, and a couple with no children could be better off by about £22,000.

The report cites evidence that while 17 million adults successfully manage their finances as many as 10.5 million experience difficulty in financial planning.

David Barral, distribution director, Norwich Union said; “A better understanding of why people act as they do is crucial if the financial services industry and government are to engage consumers more effectively. We need to help motivate people to overcome their inertia and enable them to take greater personal responsibility for their finances.”

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