Friday, 08 February 2013 10:34
Government introduces compulsory financial education
The Government has announced plans to offer compulsory financial education in school's maths and citizenship lessons.
The decision by Education Secretary Michael Gove MP follows years of campaigning by the Personal Finance Education Group (pfeg).
There was also strong support from Martin Lewis, founder of moneysavingexpert.com, who set up a petition which received over 100,000 signatures and was notified in the House of Commons.
The new programme for pupils in key stage 3 and 4 will cover the functions and uses of money, budgeting, money management, wages, taxes, credit and debt and financial products.
{desktop}{/desktop}{mobile}{/mobile}
Tracey Bleakley, pfeg chief executive, 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."
Mr Lewis said: "This is the first step to ensuring that every child has at least some basic financial education to help them navigate our complex consumer economy. A genuine game changer."
Anthony Browne, chief executive of the British Bankers' Association, said: "Schools should equip children with intellectual learning and skills for life outside the school gates. One of the most important and practical skills throughout life-and one of the keys to prosperous adulthood- is the ability to manage more competently. This is why the BBA and its members support financial education in the national curriculum."
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
The decision by Education Secretary Michael Gove MP follows years of campaigning by the Personal Finance Education Group (pfeg).
There was also strong support from Martin Lewis, founder of moneysavingexpert.com, who set up a petition which received over 100,000 signatures and was notified in the House of Commons.
The new programme for pupils in key stage 3 and 4 will cover the functions and uses of money, budgeting, money management, wages, taxes, credit and debt and financial products.
{desktop}{/desktop}{mobile}{/mobile}
Tracey Bleakley, pfeg chief executive, 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."
Mr Lewis said: "This is the first step to ensuring that every child has at least some basic financial education to help them navigate our complex consumer economy. A genuine game changer."
Anthony Browne, chief executive of the British Bankers' Association, said: "Schools should equip children with intellectual learning and skills for life outside the school gates. One of the most important and practical skills throughout life-and one of the keys to prosperous adulthood- is the ability to manage more competently. This is why the BBA and its members support financial education in the national curriculum."
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
This page is available to subscribers. Click here to sign in or get access.