It is crucial that all young people leave school with the skills and confidence to manage their money well. Personal finance education is already part of Personal, Social and Health Education at Key Stages 1 to 4. However, the revised curriculum for secondary schools includes a new dedicated programme of study for ‘Economic Well Being and Financial Capability’ as part of a revised Personal, Social, Health and Economic (PSHE) education. The new curriculum will begin teaching from September 2008 and will add a new focus on financial education in secondary schools. Sir Jim Rose is currently carrying out an independent review of the primary curriculum. He is due to report to Ministers in March 2009.
Additionally, citizenship education, which is statutory at Key Stages 3 and 4, requires that 14 to 16-year-olds be taught how the economy functions, including the role of business and financial services. We are also introducing functional mathematics to the maths GCSE, which means that from 2010 all pupils who achieve a grade C or above will have mastered the basics.
To support schools in meeting these curriculum requirements, we are investing £11.5 million over the next three years to support good financial education in schools. This investment will support revised curriculum guidance for financial capability, innovative curriculum resources with the Child Trust Fund as a focus, and more high-quality training and support for teachers.