Financial education charity, the ifs School of Finance, says the announcements on welfare benefit cuts and public pensions made this week will have serious consequences for the wide section of society without adequate personal finance education.

The ifs School of Finance was the first provider of GCSE, AS and A level equivalent qualifications in personal finance and is the only provider of A level equivalent qualifications in the area.

Rod McKee, head of financial capability at the ifs School of Finance, said: “The cuts announced this week show the harsh reality of the economic situation facing the UK for what could be many more years to come. The impact of changes to public pensions and welfare benefit make prudent money management even more crucial than before.