Will financial education make a difference to your children?
Earlier this year the government announced that financial education will become compulsory in schools, at both primary and secondary level. The new curriculum has now been published with details of what children will learn.
In addition to additional focus on “financial mathematics” within the existing mathematics framework, where pupils will need to navigate problems to do with percentage changes and simple (i.e. not compound) interest, budgeting and planning will be introduced into the citizenship curriculum.
The published curriculum states that pupils will learn how to manage their money and plan for future financial decisions. The lessons will include learning about the different types financial product, but also how public money is raised (and spent) through measures like taxation.
The curriculum will be rolled out across all government-funded, or maintained, schools, from September 2014, but will not be compulsory in the growing number of free schools and academies.
Tracey Bleakley, pfeg chief executive, said: “It is especially welcome to see the link between personal finance and public finances restored to the final programmes of study for Citizenship education.”
"Tax, public spending and how these relate to personal finances are all crucial areas that young people will now learn in addition to money management.”
However, not everyone is so delighted with the news. Vice principal of the ifs School of Finance Alison Pask told the Telegraph "The ifs School of Finance remains sceptical that dumping financial capability in Citizenship and Mathematics will deliver any meaningful change. Citizenship is already an overcrowded subject area in which financial capability is unlikely to amount to more than a few hours a term."
While it remains to be seen what effect an early education in money will have on today’s youngsters, perhaps in future they will see loan sharks and payday lenders coming. And perhaps the link between citizenship and public finances through taxation will spawn a nation of people less inclined to avoid as much tax as possible- although this may have limited effect as the curriculum is not compulsory in public (private) schools either… *end of scandalous stereotypical generalisation*