Tom Fleming (Kerry South, Independent)

It is imperative that children are taught how to read bank statements and repayment schedules, how interest on credit cards and students cards is applied, how the cost of credit works out over time, how late charges and penalties are imposed and the consequences for people who do not meet their financial obligations. We must teach the practical aspects of finance rather than focusing exclusively on theory. Two weeks ago the National Adult Literacy Agency, working in collaboration with the Educational Building Society, launched a website advising people on financial matters. EBS is a commercial financial institution that was bailed out by taxpayers. Its representatives will visit schools not because they want to teach children about financial management but in order to grow future business. It is crazy to allow a bailed out bank that type of access on the pretence of helping to develop money management skills. I am very apprehensive about having the EBS involved in this initiative, given its record.

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