Walking into the Bank of England for a meeting to discuss the impact of economic and financial education on young people, was a phenomenal experience. Although the Bank of England building was very elaborate and opulent which can make you feel a little intimidated, it served as a reminder of the reason I was there as a member of the Bank of England Youth Forum – to make the UK’s central bank, and the overall economic sector, more accessible to young people.
The Roundtable was held by Andy Haldane, the Bank of England’s Chief Economist, who sits on the Monetary Policy Committee, and was previously named by Time Magazine as one of the world’s 100 most influential people. Other attendees included representatives from the Financial Times, the London Institute of Banking & Finance, Russell Group, Money Saving Expert, and Young Enterprise & Young Money.
We discussed how economic education is often grouped under the term of financial education, or seen as less important. In reality, it is just as important, as economic literacy is key to understanding the way that the world we live in works. Economics affects our day-to-day lives in many different ways, which is why it is vital that those who create economic policy consider viewpoints from all groups in society. Therefore, we looked at strategies to encourage people from more diverse backgrounds, particularly BAME women, into economics.
We also discussed current initiatives to improve economic and financial education amongst young people. I was extremely impressed by the wealth of resources available to improve both financial and economic education, but I was also able to highlight that adequate economic and financial education rarely reaches young people. We examined some of the reasons for this. One of which was the lack of financial and economic education in the national curriculum, while teachers are uninformed, yet overwhelmed with resources. We then discussed potential strategies and solutions we could use to combat this.
Overall, the event was productive and eye-opening (to say the least), and I felt as if my perspectives and feedback, not only as a Bank of England Youth Forum Member, but as a young person were genuinely considered. I am sure that the meeting will provide the youth forum some food for thought going forward, particularly with the areas of our work regarding financial education.
I hope that the Bank of England’s work to promote youth voice in the economic sector, and influencing policy, will encourage other organisations and institutions to follow suit.