Tracey Bleakley, pfeg chief executive, said:
“We are absolutely delighted to see greater prominence given to teaching children and young people about money in the new curriculum.
“pfeg have campaigned for compulsory financial education for 13 years and has wide ranging support from teachers, parents, young people, employers and politicians. We are delighted that the Department for Education have worked with us on this; in particular we welcome the inclusion of pfeg’s recommendation to incorporate ‘risk management’ in Citizenship at key stage 3 and ‘income and expenditure, credit and debt, insurance, savings, pensions’ at key stage 4.
“Today’s news sees us moving towards achieving our ultimate goal of ensuring all young people leave school with the skills, knowledge and confidence to thrive and survive in society.”
Justin Tomlinson MP, chair of the APPG on Financial Education for Young People, said:
“This is a welcome leap forward towards ensuring the financial capability of the next generation. I am absolutely delighted that after two years of campaigning on this important issue, the Department for Education has given financial education statutory status in both mathematics and citizenship.
“It is extremely important that all schools offer lessons in this important life skill – and not just those following the National Curriculum – so that all young people are able to access the support to manage their money well, now and in the future.”
Since January 2011 Ministers have faced growing pressure from their own backbenches with 253 MPs and Peers joining the All Party Parliamentary Group on Financial Education for Young People, chaired by Justin Tomlinson MP. The group lobbied for financial mathematics to be included in maths and financial capability to be taught within Citizenship education.
The new programme of study for Citizenship specifically includes
? Key Stage 3 – the functions and uses of money, the importance of personal budgeting, and managing risk.
? Key Stage 4 – income and expenditure, credit and debt, insurance, savings and pensions, as well as a range of other financial products and services.
In addition, the new curriculum places a ‘renewed emphasis’ on mathematics, including problem solving in relation to financial mathematics at key stage 3. The programme of study for mathematics at key stage 4 will be released for consultation in the Autumn.
The final draft of the curriculum is now open to consultation until 8th August 2013. pfeg will be submitting a response.