The draft, released today by the Department for Education, states that financial education will be included in two areas of the curriculum.
The first is a module called ‘citzenship’ where financial education will be included at Key Stages 3 and 4 (ages 11-14 and 14-16 respectively).
Second, children attending Key Stage 3 mathematics classes will benefit from a module that looks at financial mathematics.
The citizenship course aims to ‘provide pupils with knowledge, skills and understanding to prepare them to play a full and active part in society’, according to the draft document.
It adds that this education should “provide children with with the skills and knowledge to manage their money well and make sound financial decisions.”
At key stage 3, pupils studying ‘citizenship’ will be taught the functions and uses of money, the importance of personal budgeting, money management and a range of financial products and services.
At key stage 4 they will learn about wages, taxes, credit, debt, financial risk and a range of more sophisticated financial products and services.
The problem solving section of the mathematics key stage 3 module aims to “develop use of formal mathematical knowledge to solve and devise problems within and outside mathematics, including financial mathematics.”
Tracey Bleakley, chief executive of Personal Financial Education Group, said: “This is a huge victory for the campaign for financial education in schools. Financial education is essential in equipping young people with the knowledge, skills and confidence they need to be able to manage their money well.
“With financial mathematics included as a part of Maths and financial capability included in Citizenship education for the first time, the campaign has achieved both of its objectives. We are delighted that Ministers have listened on both fronts.
“Financial education is an idea whose time has come. The campaign has been supported by teachers, parents, young people and more than 250 members of parliament and peers of all parties. Today’s news is a big leap forward for our ultimate goal of ensuring that financial education is taught in every school in the UK.”
Similarly, communication director for the Association of Investment Companies Annabel Brodie-Smith said: This is potentially life-changing news for the UK’s young people. If the next generation can leave school equipped with the knowledge and skills to help manage their finances effectively, it will make an enormous difference to their lives.
