Children will start to receive compulsory education about personal finance from September 2014, after it was included on the national curriculum for pupils studying in England.
The Personal Finance Education Group (PFEG) called the government’s announcement a ‘huge victory’, while fellow campaigner Martin Lewis, of MoneySavingExpert.com, stated that this was the ‘first step’ to helping children ‘navigate our complex consumer economy.’
Finance education – what will pupils learn?
Children in Wales, Scotland and Northern Ireland already receive some form of financial education. Now pupils aged between 11 and 16 in England will receive it for the first time.
Personal finance education will come in the form of schools’ citizenship programmes. The government stated that its intention was to equip students with the financial skills to manage their money on a day-to-day basis and plan for their future, such as taking out a pension.
Children aged 11 to 14
Pupils in Key Stage 3 of their education, aged between 11 and 14, are to be taught the basic functions of money management, learn about financial products and services and get to grips with personal budgeting.
Children aged 14 to 16
Pupils in Key Stage 4 of their education, aged between 14 and 16, will interact with the more complex side of personal finances and will learn how this applies to the outside world. Units will cover tax, wages and salary and credit and debt.
Financial concepts, such as interest rates, APRs and AERs, will be further integrated into mathematics lessons.
- Call the Which? Money Helpline – if you have a personal finance query
- Best rate savings accounts – find the right home for your savings
- Junior Isas reviewed – get your children in the savings habit