Mark Isherwood
North Wales Assembly Member Mark Isherwood has welcomed proposals for a Financial Education and Inclusion (Wales) Bill, to “increase prosperity in Wales by improving the financial education and literacy” of the citizens.
Responding to this week’s Statement on the Bill, Mr Isherwood highlighted the good practice which already exists in this area and said a multi-agency approach would be the best way forward in developing a Bill, saving money while providing quality services.
Speaking in the Chamber he said:
“What consideration have you given, in developing your proposal, which I welcome, to the Communities and Culture Committee report on Financial Inclusion and the Impact of Financial Education, produced in November 2010, which did identify inconsistent provision across Wales alongside some good practice examples?
“What consideration, therefore, have you given, or might you give, to a multi-agency approach based on the evidence that that inquiry produced of the private sector, for example, Marks & Spencer and Bank of America, delivering financial literacy in schools, and banks and building societies providing resources to support similar provision?
“I visited a school in Bala, Ysgol y Berwyn, where the Institute of Financial Services was delivering modules and courses. The pupils told me of the benefits to pupils of all abilities and they said that everyone should have the opportunity to take up such a course. With regard to credit unions, I and other Members visited schools that had their own school credit unions, working with local credit unions, which were going up with the pupils from primary to secondary school and teaching them those essential skills at a young age. In other words, there are many ways to skin a cat without having to spend the sort of money that the Welsh Government is frightening us with.”
Mr Isherwood added: “It is also vital we embrace the knowledge and expertise of the North Wales Financial Capability Forum, currently led by ‘Pennysmart’, which has done much good work in this area.”
