On the 8th March the Second Church Estates Commissioner, the Rt Hon Dame Caroline Spelman MP answered written and oral questions in the House of Commons. Questions covered a range of issues including the Church Investors Group, digital connectivity, environmental taxation, homelessness, the Holy Sepulchre, church infrastructure and financial education in church schools.
In Church Commissioners Question TIme on Thursday 29th January 2015, the Rt Hon. Sir Tony Baldry MP answered questions on the Archbishop of York’s Book ‘On Rock Or Sand’, Medical Ethics of Mitochondrial Transfer, the Anglican Communion, Financial Education, Women Bishops and Bats in Churches
“These loans are not being taken seriously by young people, serious though they are. We have allowed them to take over our televisions and radios, normalising them to the point where their use is seen as casual. Just this morning I was told the story of a young woman who took out a payday loan to pay for a Domino’s pizza. That could prove to be a very expensive pizza indeed.”- Bishop of Norwich, 3/11/14
On 3rd November 2014, the Bishop of Norwich, the Rt Revd Graham James, took part in the Committee Stage of the Government’s Consumer Rights Bill, speaking in favour of an amendment to regulate the advertising of payday loans to children. The Bishop highlighted the pervasiveness of pre-wateshed advertising of payday loans, and the fact that young parents were far more likely to take out a loan than older parents. He also called for greater investment in financial education.
The amendment, which was co-sponsored by the Bishop of Truro, was withdrawn at the end of the debate, with its supporters calling for the Government to take further action before the Bill returned for its Report Stage.
The Lord Bishop of Norwich: My Lords, I rise to support the noble Lord, Lord Alton, and to speak to Amendment 105B, in the name of my colleague the right reverend Prelate the Bishop of Truro, on the advertising of payday loans. He cannot be here today but has been working very closely with the Children’s Society on this issue. Amendment 105B seeks to make provisions to restrict the times at which payday loan advertisements are shown, most specifically in relation to the watershed.
It surprised me to discover that, according to Ofcom, no less than 80% of all payday loan advertisements are shown before the watershed. It is therefore no surprise—to pick up on some of the statistics that the noble Lord, Lord Alton, mentioned—that the Children’s Society found in its survey that over half of all children aged 10 to 17 reckon that they see payday loan advertisements either “often” or “all the time”. It is the sheer quantity of these advertisements that normalises payday loans for children and young people. The research shows that one-third of all teenagers think that the payday loan adverts themselves are tempting and exciting—they are very well designed. Those teenagers are much more likely than their counterparts to say that they would consider taking out a payday loan in the future. Continue reading “Bishop of Norwich supports ban on pre-watershed payday loan advertising”
On 16th June 2014, the Bishop of St Albans, the Rt Revd Alan Smith, received answers to two written questions on financial education.
The Lord Bishop of St Albans: To ask Her Majesty’s Government how they intend to ensure that financial education is taught, to a high standard, in non-state-maintained secondary schools.
The Parliamentary Under-Secretary of State for Schools (Lord Nash): Independent Schools in England do not have to follow the national curriculum, though they do have to have a curriculum which gives pupils experience in linguistic, mathematical, scientific, technological, human and social, physical and aesthetic and creative education.
We will shortly be consulting on strengthening the standards which independent schools must meet, but there are no plans to introduce a requirement on financial education.