Wealth manager St James’s Place has applauded a move by MPs to look at ways to boost financial education in schools as it reveals its own growing commitment to helping young people.

Earlier this week Parliament’s Education Committee announced plans to look at boosting financial education in schools.

This year so far St James’s Place's own financial education programme - delivered by SJP advisers and employees to schools, community groups and in areas of deprivation - has reached 3,712 young people through face to face and virtual workshops.

As of Q3, 156 financial education workshops have been led by SJP volunteers around the country.

SJP is one of several wealth firms backing financial education along with the Personal Finance Society. Many encourage advisers to volunteer in schools to boost children’s understanding of the value of saving and budgeting.

Vicki Foster, director of responsible business at St James’s Place, said: “St James’s Place warmly welcomes the Education Committee’s inquiry into strengthening financial education.

"As the largest provider of financial advice, we see the benefit of people making informed decisions with their money, and the damage to society of low levels of financial literacy. We are also passionate about creating a positive impact through committing to help improve financial education for young people.

“We are taking several steps to improve financial literacy. So far in 2023, the St James’s Place financial education programmes, delivered by our advisers and employees to schools, community groups and in areas of deprivation, have reached 3,712 young people through face to face and virtual workshops led by SJP volunteers.

“In 2022, we committed to sponsoring 21 schools to become accredited ‘Centres of Excellence’ for financial education over the next three years in collaboration with Young Money. Our sponsorship will fund one-on-one advice from an expert education consultant, financial literacy training for staff and access to financial education resources for each school.

“In addition to this funding, each school will benefit from the support of a local SJP office location - including work experience opportunities, mentoring, and volunteering. 

"We believe there is much more that can be done in this space, and the industry, and policymakers must work together to help improve the financial literacy of the younger generation. We look forward to being a part of this change, to supporting initiatives like this inquiry, and working with others to find solutions.”