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7 February 2013
Financial education charity pfeg (Personal Finance Education Group) has welcomed a “huge victory” for the campaign for compulsory financial education in schools, following the publication of the new draft National Curriculum for England. The new curriculum will see financial education embedded in both mathematics and in Citizenship education, making financial capability a statutory part of the curriculum for the first time.
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.
“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 MPs 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.”
Justin Tomlinson MP, chair of the APPG on Financial Education for Young People, said:
“This is wonderful news and a huge victory for our campaign. I am delighted that financial education has finally been given the place it deserves as a compulsory part of the National Curriculum. Generations of young people will now gain the knowledge and skills they need to be able to manage their personal finances. This will make a real and lasting difference to financial capability in our country.”
Ministers have faced growing calls for financial education to be made compulsory to equip young people with the knowledge and skills needed to manage their personal finances and make informed financial decisions. The campaign has been led in Westminster by the 251-strong All Party Parliamentary Group (APPG) on Financial Education for Young People, chaired by Justin Tomlinson MP.
In December 2011 the APPG, for which pfeg provides the secretariat, published a report calling for financial education to be made a compulsory part of the curriculum following a six-month inquiry. In addition, more than 118,000 people signed an e-petition started by consumer champion Martin Lewis calling for financial education to be made compulsory.
The new programme of study for Citizenship specifically includes
• Key Stage 3 – the functions and uses of money, the importance of personal budgeting, money management and a range of financial products and services
• Key Stage 4 – wages, taxes, credit, debt, financial risk and a range of more sophisticated financial products and services
In addition, the new curriculum places a ‘renewed emphasis’ on mathematics, including financial mathematics.