Interactive Investor has emphasised the need for enhanced financial education, particularly among children with learning disabilities, as Learning Disability Week begins. According to Young Enterprise, this group is particularly susceptible to financial scams.
The Office for National Statistics (ONS) report last year indicated that mainstream schools often face challenges in providing practical life skills, including financial education, to pupils with special needs. In contrast, the report showed that special schools are often better able to adapt their curriculum to focus on essential skills development.
Alice Guy, head of pensions and savings at Interactive Investor, has highlighted the financial difficulties faced by disabled adults and the vulnerability of those with learning disabilities.
“Many young people with learning disabilities leave school ill-prepared for the financial complexities of adult life,” says Guy. “As a society, it’s vital that we give our children the tools they need to understand money and be financially secure as an adult.”
Guy further warned: “Social media is teaching our kids about crypto long before they learn about traditional investing, and apps are exposing them to potential problems with debt or gambling. If we don’t teach them, someone else will and the results won’t be pretty.”
In response to these challenges, Guy calls for a shift in the educational system that not only focuses on academic achievement but also prioritises teaching children how to navigate the financial world. This involves equipping them with the knowledge to understand payday loans, spot financial scams, and manage their money responsibly.
As Learning Disability Week begins, Interactive Investor is taking the initiative to campaign for better financial education for children. The company is encouraging recognition of teachers who excel in this area through their Interactive Investor Personal Finance Teacher of the Year Awards 2023.
Backing these calls, recent data from the Joseph Rowntree Foundation reveals that approximately one-third of disabled people live in poverty, while research from Sense in October 2022 indicates that disabled people are three times more likely to fall behind on bills or debts than non-disabled individuals.
