Can Wonga lecture on responsible finance?

And more importantly, would you let them do so to your children?

In the 12 months ending in Q3 of 2011, 1 in 364 people became insolvent. To put that into context, the average in the past 25 years was 1 in 1,655.

This is how Conservative MPs Andrew Percy MP and Justin Tomlinson MP chose to open their report on financial education in schools (found on this website), and apt I think it is too, because shocking figures like this ought to move the government to doing something about the deficit of this type of education today.

It has cross-party appeal. When I spoke to Ian Murray MP, the Shadow Minister for Employment Relations, Consumer & Postal Affairs, he agreed that in order to make effective changes to credit and debt issues today, we have to go "right back to the start".

Financial education in schools, he said, should be perceived much like the obligation to deliver sex education:

Where there is better sex education in schools there is less teenage pregnancies. The same with financial education – where there is better exposure to this, earlier on, it should follow that there are fewer problems later on.

It is certainly not before time. When I spoke to Rod McKee, the Head of Financial Capability at ifs School of Finance, he told me:

When I visited a school in Hackney earlier this year, when we set the students a task of researching financial terms on the internet the only one they didn’t need to look up was loan shark! I do not know if this was because of what they see on television or from local knowledge, although my impression was it was the latter.

Derek Twigg MP went a stage further, agreeing that financial education needn’t be limited to school-aged people alone:

Further education colleges should open up more financial education courses for adults. These could be linked up to crisis support by a local authority for when someone approaches a council debt advice service or their MP.

Twigg suggested that there could even be a levy on banks to fund the courses – part of a bank's commitment to outreach and financial education.

I think this would suit public sentiment. Rather than banks themselves delivering what they perceive to be good financial advice and support for youngsters, they be obliged to fund rigorous educational materials, taught by the likes of Rod McKee – whose school is currently the only specialist provider of GCSE, AS and A level equivalent qualifications in personal finance and financial studies - to get a balanced view.

And if I’m correct in thinking this is the public sentiment, I would like to see the response by parents if they were to find out that Wonga, the online payday lender, were delivering financial literacy skills for school children – as their chief executive Errol Damelin has recently made plans to do.

As part of their charm offensive – which has also seen a controversial partnership between them and Medway Citizens' Advice Bureau to survey those at risk of spiralling debt – Wonga intend to do something they describe as "innovative and educational in a digital capacity" that will help "kids … to know what all the credit alternatives are".

As pointed out on this site last month, Wonga find it difficult to maintain the fabrication that they are just lending short-term loans out to "web-savvy young professionals" – for this reason, allowing them to be trusted with creating a balanced financial education for children should stick in the throats of any parent.

An education... but in what? Photograph: Getty Images

Carl Packman is a writer, researcher and blogger. He is the author of the forthcoming book Loan Sharks to be released by Searching Finance. He has previously published in the Guardian, Tribune Magazine, The Philosopher's Magazine and the International Journal for Žižek Studies.

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The TV stars MPs would love to be

Labour MPs dream of being Jed Bartlet.

In my latest book, A State of Play, I looked at the changing ways in which Britain’s representative democracy has been fictionalized since the later Victorian period. With the support of the University of Nottingham, we decided to turn the tables and ask MPs about their favourite fictional political characters. The results are intriguing.

All MPs were contacted, but with only 49 responding – that’s a 7.5 per cent return rate – I can’t claim the results are fully representative. At 22 per cent, women figured slightly less than they actually do in the Commons. But the big difference is in party terms: 71 per cent of respondents were Labour MPs – double their share in the Commons – while just 20 per cent were Conservatives, less than half their proportion in the Lower House. Maybe Conservative MPs are busier and have better things to do than answer surveys? Or perhaps they just don’t take political fiction – and possibly culture more generally - as seriously as those on the Opposition benches.

What is not subject to speculation, however, is that Labour MPs have very different tastes to their Conservatives rivals, suggesting they are more optimistic about what politics might achieve. At 22 per cent, the most favourite character chosen by MPs overall was Jed Bartlet, heroic US President in Aaron Sorkin’s romantic TV series The West Wing. Of those MPs who nominated Bartlett, every one was Labour. Of course Barlet is a Democrat and the series - dismissed by critics as The Left Wing – looked favourably on progressive causes. But it seems Labour MPs regard Bartlet as an archetype for more than his politics. As one put it, he is, "the ideal leader: smart, principled and pragmatic" For some, Bartlet stands in stark contrast with their current leader. One respondent wistfully characterised the fictional President as having, "Integrity, learning, wit, electability... If only...".

As MPs mentioned other characters from The West Wing, the series accounted for 29 per cent of all choices. Its nearest rival was the deeply cynical House of Cards, originally a novel written by Conservative peer Michael Dobbs and subsequently adapted for TV in the UK and US. Taken together, Britain’s Francis Urquhart and America’s Frank Underwood account for 18 per cent of choices, and are cross-party favourites. One Labour MP dryly claimed Urquhart – who murders his way to Number 10 due to his obsession with the possession of power - "mirrors most closely my experience of politics".

Unsurprisingly, MPs nominated few women characters - politics remains a largely male world, as does political fiction. Only 14 per cent named a female character, the most popular being Birgitte Nyborg from Denmark’s TV series Borgen. Like The West Wing, the show presents politics as a place of possibility. Not all of those nominating Nyborg were female, although one female MP who did appeared to directly identify with the character, saying: "She rides a bike, has a dysfunctional life and isn't afraid of the bastards."

Perhaps the survey’s greatest surprise was which characters and series turned out to be unpopular. Jim Hacker of Yes Minister only just made it into the Top Five, despite one Conservative MP claiming the series gives a "realistic assessment of how politics really works". Harry Perkins, who led a left-wing Labour government in A Very British Coup received just one nomination – and not from an MP who might be described as a Corbynite. Only two MPs suggested characters from Anthony Trollope’s Palliser novels, which in the past claimed the likes of Harold MacMillan, Douglas Hurd and John Major as fans. And only one character from The Thick of It was nominated - Nicola Murray the struggling minister. 

The results suggest that MPs turn to political fiction for different reasons. Some claimed they liked their characters for – as one said of House of Cards's Frank Underwood – "the entertainment value". But others clearly identified with their favourites. There is clearly a preference for characters in series like The West Wing and Borgen, where politicians are depicted as ordinary people doing a hard job in trying circumstances. This suggests they are largely out of step with the more cynical presentations of politics now served up to the British public.

Top 5 political characters

Jed Bartlett - 22 per cent

Frank Underwood - 12 per cent

Francis Urquhart - 6 per cent

Jim Hacker - 6 per cent

Birgitte Nyborg - 6 per cent

Steven Fielding is Professor of Political History at the University of Nottingham. Follow him @polprofsteve.