MAS to develop financial education code of practice

With research by the organisation showing the industry currently invests about £25m annually in 36 programmes, mainly targeting under-18s, the MAS said there was already "very strong support" for financial education.

However, it said there was a need for a code, which would be completed by next year, to promote an agreed framework for the delivery and measurement of financial behavioural change.

Among the issues it will seek to tackle will be the lack of suitable and agreed key performance indicators within evaluations.

Money Advice Service chairman Gerard Lemos said: "Developing financial capability for young people is an important part of our work and many excellent industry-funded programmes have been supporting the same objective for years.

"Now we have a clearer understanding of how home and school environments influence financial capability we can begin to develop targets and standards that deliver long-term behaviour change.

"We look forward to working with the industry and other organisations in drawing up a voluntary code to create a more joined-up, comprehensive and impactful approach."

The service also today confirmed that it will working with the Personal Finance Education Group to help to promote and build upon its ‘My Money Week' initiative, which targets schools.

It also revealed plans to establish a "brokerage" capability for industry-funded financial capability programmes, to ensure they are complementary and fill identifiable gaps.

MPs on a Treasury Select Committee sub-committee recently began taking evidence as part of an inquiry into the MAS, with one of the questions asking if it should have a greater role in financial education in schools.

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